Exploring Our Options

Initially, we weren’t sure exactly what to write about for this week’s blog post. However, the subject came to us this past weekend as we were reviewing certain aspects of our finances.

We both have credit card debt we are working on paying off and recently made sizable progress towards that goal. However, we’ve noticed that our low interest credit cards have recently experienced additional hikes in their APRs (and appear to continue climbing). For example, one credit card has now climbed to from 9.9% to 15.85% due to varying APR with the market based on the Prime Rate.

These increases have us reevaluating our strategy and exploring our options for reducing interest rates and maximizing our payments. Is there a way to reduce interest rates and increase efforts toward paying down debt? It appears so and with the help of our coach we could make our money work smarter, not harder!

Thus, we’ll be exploring options such as balance transfers and Home Equity Line of Credit (HELOC). We’ll have to explore what balance transfer offers currently exist for any credit cards we have, as well as the perks, its potential duration, and associated transfer fee to determine if it’s worth it. We’ll also shop around for a few HELOC deals from our bank of alternative methods.

From there, we can develop a snapshot of what potential savings we could have alongside possible scenarios based on monthly payment amounts. Stay tuned as we continue to explore our options!