Paying off debt can be exhausting. It’s already overwhelming to take out a $10,000 loan, for example. But you also have to pay interest on that $10,000. Over the years, that interest means you could end up paying hundreds or even thousands of dollars more than you originally borrowed.
There’s no easy way to say it—higher interest rates make paying off debt more difficult.
The good news: Due to some recent activity from the Fed, it might be possible to lock down lower interest rates than what you may currently be paying.Read more