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Strategies to pay down debt: Here's what you need to know
CNBC Television· 2025-09-19 14:55
Interest Rate Impact - A quarter of a percent rate cut will lower borrowing costs, especially on variable rates like credit cards and auto loans, but will also lower saving rates [1] Budgeting and Expense Management - Individuals should create a budget to track monthly income and expenses to identify areas for potential cuts [2] - Selling unused items around the house can generate extra cash [2] - Limiting credit card use and using cash or debit cards can help reduce impulse buys [2] Credit Card Debt Reduction - Extra cash should be directed towards paying down debt [3] - Consumers should ask their credit card companies for lower rates [4] - Setting up autopayments for more than the minimum balance can gradually reduce debt [5] - Utilizing 0% interest credit cards for balance transfers can help focus on debt repayment, but a 3% to 5% fee may apply [5] - A $6,000 balance transfer with 0% interest over 15 months requires monthly payments of $400 to pay it off [7] Mortgage Management - Bi-weekly mortgage payments or rounding up payments can help reduce the principal [8] - Refinancing at a lower rate can be beneficial, but may be difficult for some [8] - Shortening the loan term can maximize the mortgage [9] - Consider potential prepayment penalties before paying off the mortgage early [9] Loan Management - If struggling with car loan payments, consider selling or trading in the car for a cheaper one [11] - In cases of financial hardship, request a loan modification from lenders [11] - For federal student loans, explore income-driven repayment plans via studentaid.gov [11][12] - Refinance private student loans, but avoid refinancing federal loans into private loans due to loss of federal protections [12]
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Bloomberg· 2025-08-26 14:40
Bank of England rate-setter Catherine Mann said that borrowing costs should be held for longer at their current levels to stop high UK inflation from lingering https://t.co/Enw43y0gx8 ...
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Bloomberg· 2025-08-21 12:06
Long-dated government bond yields in major markets - notably the UK - have been rising slowly but surely in recent months. What's driving the rise in borrowing costs and at what point might it start mattering to global equity markets? https://t.co/zQgWXuKHnN ...
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Bloomberg· 2025-08-08 12:24
Chile’s annual inflation unexpectedly accelerated for the first time since March after the central bank signaled it will gradually lower its borrowing costs over coming quarters https://t.co/SjiMnCBL96 ...
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Investopedia· 2025-07-02 16:00
Federal Reserve Chair Jerome Powell said the central bank would have likely already moved to lower borrowing costs if it weren't for worries that tariffs would drive up inflation. https://t.co/OnyWmSUO7v ...