After the Bureau of Labor Statistics finally came out with true numbers on employment, the 10 Year UST has finally dropped, triggering lower interest rates. Mortgage interest rates are somewhat tied to the 10 yr UST. If you've got big balances on high interest credit cards, installment loans for toys, boats, and cars, you may save hundreds, if not over a thousand a month in payments.
Here's an example with just one credit card. With a $210/month payment on a $10,000 balance at 25% APR, it would take:
*235 months (about 19.6 years) to pay off the debt
*You’d pay about $39,256.32 in interest — nearly 4x the original balance. That's approximately the average credit card interest. They usually range from 19% APR -34.99% APR.
AND, that's with no further charges on that card throughout the entire almost 20 years!
The last few years have put many people in a deep hole. The old saying is
when you're in a hole, quit digging. If you call me, we can run some numbers in just a few minutes to see if a refinance can give you some relief. John Wallace (360) 771-1914
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