3 tips to save money on all your loans
During a lifetime, most people will have many types of loans from several different lenders. Some of the most common types of loans are mortgage, car, student, and personal. All of these different loans can lead to spending lots of money in several different places. Below are 3 ways you may be able to save money on your loans.
- Check your credit report. Sometimes there are errors in your credit report. Be sure to go on sites like credit karma to check your credit score for free. If there are errors on your credit report and you can get those errors corrected then you may qualify for smaller interest rates.
- Review your existing loans. Talk to the company/companies that have your loans to see if you qualify for lower interest rates and discuss other ways to lower your payments.
- Consider debt consolidation. Debt consolidation allows you to take out a single loan to pay off smaller loans. This allows you to make one loan payment to one company instead of several payments to several different companies. With debt consolidation you are hoping to get a lower interest rate and lower monthly payments by combining some or all of your loans. With debt consolidation you pay lower monthly payments, but you typically pay it over a longer period of time. If you decide to consolidate your current debt, try not to incur any new debt. If you consider debt consolidation be sure you speak with a financial counselor to seek debt consolidation advice.