Every dollar counts right now, and swapping lenders can translate into big savings.
Raleigh, NC (PRWEB) April 03, 2012
The mortgage loan refinance has been common for years, used by families to reduce their monthly payments and lock in more favorable interest rates. The leading financial website, ReallyBadCreditOffers.com, has revealed that consumers are seeking refinance loans for smaller obligations in record numbers.
According to the site, borrowers are increasingly looking to reduce borrowing costs and cut monthly bills for obligations like auto financing, boat and personal loans.
Additionally, rolling high interest credit card debt into easier to manage and lower cost consolidation loans is on the rise.
“Every dollar counts right now, and swapping lenders can translate into big savings. People often are working with very small monthly margins and small savings can make big differences in the monthly budgets and lives of the folks using this option,” said Ariel Pryor, loan analyst with the site.
The average credit card for people with bad credit is associated with very high interest rates of 21.04% or higher, according to CreditCards.com. When high balances are carried over from month to month the financing costs can quickly add up.
Visitors are encouraged to review their personal finances carefully to determine which choice brings the most personal benefit to the consumer.
The site recommends refinancing using debt consolidation loans as a fast and easy way of reducing monthly costs and buying extra time to get one’s finances back on track.
Contact: Ariel Pryor, Refinance Analyst