smart spending

7 ways to pounce on low interest rates

Pay off credit card debt
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Pay off credit card debt

While mortgage and car loans have favorable interest rates, the same is not true for borrowing money on your credit card. Work on reducing or eliminating this debt. If you have a choice of putting money into a savings account or paying off debt, pay off the high-interest credit card debt first because financial institutions are paying very little interest in savings accounts.

You also may want to negotiate lower interest rates with credit card companies, particularly if you have a good track record with paying on time, Cecere says.


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REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 4.17%  0.11 4.06%
15 year fixed refi 3.21%  0.12 3.09%
10 year fixed refi 3.26%  0.15 3.11%
 
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Product Rate Change Last week
30K FICO-based HELOC 4.67%  0.35 4.32%
50K FICO-based HELOC 4.04%  0.05 3.99%
100K FICO-based HELOC 3.88%  0.05 3.83%
 
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Product Rate Change Last week
60 month used car loan 2.99%  0.19 2.80%
48 month used car loan 2.91%  0.09 3.00%
60 month new car loan 3.07%  0.10 3.17%
 
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Product Rate Change Last week
1 Year CD 0.99%  0.01 0.98%
2 Year CD 1.20%  0.01 1.19%
5 Year CD 1.82% --0.00 1.82%
 
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Product Rate Change Last week
Balance Transfer Cards 15.80% --0.00 15.80%
Cash Back Cards 16.42% --0.00 16.42%
Low Interest Cards 11.09% --0.00 11.09%
 
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