October Money Tip: Credit

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Whether you have good credit or less-than-perfect credit, you may be unnecessarily leaking cash by not taking advantage of what is available to you through your existing lenders in today’s low interest rate environment.

If you have credit card debt at an interest rate that was determined years ago or that was obtained when you may have had a lower credit score than you do now, you may be able to lower that interest rate. Just call up the credit card company and ask them to send you to the special promotions department or someone who can assist you in changing your credit card. This will send you to the right department that has the authority to lower your rate. It's as simple as knowing how to ask.

Another case where using your credit can help you free up cash flow is in the case of a home mortgage. By calling up your existing lender and asking for a "streamline refinance," you may be able to lower your monthly payment with little cost and minimal effort. Simply ask your lender if you qualify, and be sure that they understand that you may consider going elsewhere if they can't help you. If the situation is right, your lender may lower your interest rate with little to no closing costs or without requiring full appraisal, or without you having to jump through the hoops associated with a conventional refinance.

By knowing how to ask for lower interest rates, you could save hundreds of dollars (or more) per month on your existing debts!

For more information on Garrett B. Gunderson and to gain access to a complimentary Financial Health Assessment online go to freedomfasttrack.com.