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Financial Literacy
We know that strong financial literacy is key to making informed decisions about money.
Rising Interest Rates
Things to think about before borrowing money
One of the best ways to build a good credit score is to responsibly borrow – and pay back – money. Taking more than you can afford can cause serious financial setbacks.
When you want to borrow funds, there are some important details to consider.
- How much do you want versus how much you can afford?
- Do you need the money now, or can you wait and save instead?
- How much can you pay back every month, especially with rising interest rates?
- What happens if you miss a payment?
- Do you need loan insurance?
Dig a little deeper with our FinTips video on building your credit score.
How are rising interest rates affecting you?
Rising interest rates usually mean an increase in the cost of borrowing. If you have a mortgage or a line of credit with a variable rate – your rate will change based on current interest rates. If you need to renew a mortgage or a loan, you will also feel the pinch when rates rise.
The best way to avoid more interest is to pay down debt as fast as possible to alleviate financial stress. If you can increase your income or find a little bit more money to put towards what you owe – even better.
If you have different kinds of debt, pay down the sum with the highest interest rates – like a credit card – first. You might consider consolidating your debt into one loan with one payment and a lower interest rate.
It can be tough to figure out the best way to borrow money. We can help you navigate borrowing options that best suit your needs.
Let’s have a conversation, contact us today.
Looking for more tips on improving your financial wellness?
Watch previous webinars and episodes of our financial literacy series' Finance Friday and Wealth Wednesday.
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