Refinancing Your Debt: A Smart Strategy?

If you have multiple credit card balances, refinancing could be a smart strategy to reduce your overall interest payments.  Refinancing means taking out a personal loan with a lower interest rate to pay off your high-interest credit card balances. This not only lowers the interest you pay, but it also consolidates your payments into a single monthly bill.
Refinancing can save you hundreds, if not thousands, in interest. But be careful about fees or prepayment penalties, and make sure you’re not extending your repayment term too far. Refinancing is most effective when you can afford to make higher monthly payments and eliminate your debt faster.