Refinancing your debt could be a good idea

Nathaniel Sillin

Special to the Village News

Have you ever considered how lenders compare applicants? Typically, the lowest rate goes to those who have the highest likelihood of repaying the loan on time. A lot of data goes into determining that probability, including the person's credit, income and outstanding debt.

As these factors improve, your terms on new loans might improve as well. You could also refinance debts you took on earlier in life to take advantage of the changes. As a result, you might be able to decrease your interest rate, lower your monthly payment and save a lot of money....