Budgeting:  Reduce Monthly Fixed Expenses

Everyone should try to reduce their monthly fixed expenses regardless of whether they're struggling with too much debt or not as you can easily save hundreds each month just by doing some comparison shopping. If you have good enough credit and own a home or relatively new car, you might consider refinancing to get a lower interest rate.  Or, if you have too much credit card debt, you can try to consolidate it at a lower interest rate by using the equity in your home to borrow money to pay off all your debts. 

If you can't refinance your mortgage or auto loan now because your credit isn't good enough, then start working on improving it.  Visit the credit section of this website.

Ways to Reduce Fixed Expenses --

Home equity loan:  Use the equity in your home to obtain a loan, cut your monthly payments significantly and pay down debt.

Home Equity Loans:  Benefits and Risks

Refinance your mortgage: If your credit rating is good enough and you have enough equity in your home, you might be able to refinance your mortgage.  Mortgage rates are lower than they have ever been, but banks have significantly tightened their lending standards.  Find out more about mortgage refinancing.  Here are some links to mortgage-related calculators at this website:

Mortgage Refinance Calculator
Mortgage APR Calculator
Mortgage Payment Calculator
Mortgage Payoff Goal Calculator
Mortgage Qualification Calculator
Mortgage Rate Comparison Calculator
Mortgage Term Comparison Calculator
Renting vs. Buying a Home Calculator

Refinance your car loan.  As unbelievable as it sounds, there are people who actually finance their car loans for six years and pay a rate often exceeding 15 percent!  Click here to see if refinancing your car loan is worthwhile.  Below are some auto loan calculators to help you out.

Auto Affordability Calculator
Leasing vs. Buying Calculator
Monthly Payment Calculator
Auto Loan Rate Comparison Calculator
Auto Loan Rebate Comparison Calculator
Auto Loan Payment Comparison Calculator

Reduce your credit card interest rate.  Although many credit card companies have become quite stubborn since the Card Act was passed, you should still try to get your credit card interest rate lowered if you can.  Articles that give you advice on doing that are as follows:

Ask for a Lower Credit Card Interest Rate
Get a Lower Interest Rate:  Telephone Scripts
Get a Lower Interest Rate:  Sample Letters


Next topic:  How to Develop a Budget


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