How to Manage Your Debt Accounts When the Interest Rates are Rising
When interest rates go up, your monthly payments on any kind of loan or line of credit also increase. If you have high-interest debt accounts like a credit card, auto loan or personal line of credit, that can be a big problem. So how can you manage the impact when the interest rate goes up? The first answer is simple: pay down your balance as quickly as possible so that you’re not dealing with a huge balance once the new rates take effect. There are still ways to manage the impact of rising interest rates on your personal financial statement, even if you cannot pay off your high-interest debt immediately. Let’s look at some strategies for managing your debt when interest rates go up.
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