Mortgage rates remain attractive: Other homeowners who are cashing out are looking to
eliminate higher cost debt — and with good reason, too.
ACTION PLAN: Once boomers reach «empty nest» status, it's time to seriously ramp up retirement savings and fully
eliminate any high cost debt.
Not exact matches
Eliminate the
high cost of credit card
debt: Creditors are required by law to post the annual percentage rate of your credit card
debt on each monthly statement.
The
higher the
cost of the program, the more you will pay to reduce or
eliminate your
debt.
This option will result in a lower overall
cost for your
debt repayment, since you will be
eliminating the
debts in order of
highest interest rate.
While this is one of the new ways that graduate
debt can be
eliminated, the
cost of
higher education is not helping the upcoming generation handle
debt.
If you can refinance at a substantially lower interest rate, you'll
eliminate the
high interest
costs of the
debts you pay off, and you could even come out with a lower payment than you have right now since rates are so low.
Refinancing a mortgage at a lower rate can be an option for some depending on the difference in rates, time left on the mortgage, and
costs associated with refinancing, and you might be able to tap into your home's equity to
eliminate your
highest - interest - rate
debts.