Making Informed Loan Decisions: Comparing Debt Options.

Before applying for a loan, carefully comparing different debt options is crucial. Two key factors to focus on are interest rates and loan terms (i.e., # of monthly payments), as they directly affect your projected minimum monthly payment and the total interest you'll pay over the life of the loan. The video below provides a basic example of how refinancing high-interest debt to a lower rate can save money. You can try running a similar calculation in Excel to get familiar with the process.

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