If you’ve been paying attention to the financial markets over the last six months to a year, you’ve undoubtedly noticed that interest rates are on the rise again. True, at this point, the increases are only a quarter of a point, but still if you take all of those little quarter points and add them up, they become a little more significant. And those rate increases don’t just create ripples in a few places, but everywhere.
Chances are, if you’re thinking of buying a car or a house over the next few months, your interest rate will be higher than it would have been if you purchased the car or house last year at this time. And as for your other loans? Not only can you expect to see other loan interest rates increase, but it’s a pretty sure bet that you’ll see your credit card interest rates increase by that quarter percent on your next statement, as well.
That’s why now is probably the best time to consolidate all your credit cards into a personal loan. Not only are the interest rates on personal loans typically far less than those on credit cards, but if you’re even thinking about taking out a personal loan, you need to do it now, before the next quarter point increase (analysts predict two more increases this year).
So, if you haven’t already done so, sit down and see how much you can save on your monthly payments AND pay off those credit cards right now!