Whether you are getting a home mortage, using a debt consolidation company, using a home equity loan to consolidate higher interest rate loans, or moving your credit card debt to a new one with a lower interest rate, always be aware of what your future rate may be. Many loans seem very affordable at a low interest rate, but if that rate is not fixed it can quickly escalate to very high payments.
In recent months the federal government has been raising the prime rate. This will eventually cause interest rates to rise, so now is a good time to take a look at your loans and make sure you are prepared if rates go up. If possible you might want to move your debt to a loan that has a fixed rate since (from a historical standpoint) it is unlikely that rates will be this low again for quit some time.
Better yet, if you can find a way to pay off your debt completely it will put you at a significant monetary advantage. By being out of debt you may find that you have more spendable income than people making a much higher monthly salary because of the high percentage that goes to just paying interest.
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