Why you should Refinance your debt🔥

Refinancing your debt is essentially getting new credit to replace the old one by paying off the old one. 🎈

The main reason why people would refinance their debt is to:

Get a cheaper product✔
Get a different product e.g more flexible product✔
Consolidate all your debts under 1 cheaper product. These are known as debt consolidation loans.✔
Increase your loan term✔
Get cash out of an asset✔

Cons of refinancing your debt:

To qualify for better rates you will usually need a high credit score🔥

You might find you pay more in interest if you extend the length of your new credit in a bid to get lower monthly payments.🔥

You might have to pay an early repayment penalty for leaving your old lender.🔥

You can refinance:

Your mortgage
Your car loan✔
A personal loan✔
Your credit card debt✔

When refinancing a debt you should consider the rate, total interest and the term as the most important factors.

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