With rising interest rates and economic uncertainty, some people are looking at their debt payments possibly increasing and wondering what they can do.
Jeremy Blair, Vice President of Finance at Mountain America Credit Union, joined us with some suggestions.
He says if you're carrying a variable interest rate debt, like a credit card or home equity line of credit, it's advantageous to convert that to a fixed-rate loan of some kind.
Home equity lines of credit (HELOCs) have been one of the go-to debt consolidation answers lately, and while it's still an option, Blair says the interest rates on HELOC will fluctuate as the Fed moves rates, so that may not be the best option right now.
You may also want to consider a credit card balance transfer, especially if you have a high-interest credit card.
There's great educational content out there. Mountain America has hundreds of helpful articles at macu.com/blog as well as a bunch of great podcasts on their YouTube channel and other tips on social media channels.
