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Refinancing High Interest Debt

Outrageously high credit card interest rates hover around 20%. If you have any and intend to keep them for more than a few days, you need to investigate how to refinance them into much lower cost, longer term debt.

In some cases, you can get short-term, low interest rate loans from credit cards. These 0-5% "cash advance" loans are usually only good for a few months before they revert to punishingly high credit card rates.

A better alternative, if you are a homeowner, is to investigate a home equity loan. These loans, backed by the value of your home, can have interest rates that are half or less of what you are paying now.


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