Refinancing Your Way Out of Debt?

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3 Responses

  1. Mike Monfredi says:

    Nice article, Tom – and thanks for sharing it with us, Chris! I think you both bring up some great points here. I would advise that when refinancing, that you make sure not to extend the payment term to yield a lower monthly payment. That will turn into a pay later situation where your total payments will probably increase. If you keep the same term or even shorten it, this is the supercharged way to get ahead of the debt. Pay now or pay later, but I’ve seen that you typically pay less when paying now. Thanks again guys. Nice work!

    • Chris says:

      I agree Mike. Stretching out the term to lower the payment is most certainly not what I would recommend. Thanks for the comment. 😀

    • tomfiredupmillennial says:

      Thanks for the comment Mike! I definitely agree as well. I always advise my friends to shorten their repayment terms or at least keep them the same as they currently are if they can afford the monthly payment.

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