Fed to hike interest rates: What can you do?

The Federal Reserve is going to be increasing the federal interest rate soon. According to an article on Money, the interest rate hike won’t be drastic, but if you have a variable interest rate credit card, you will be affected. As you know, you pay interest charges if you carry over balances from month to month. Now, you’ll be paying even more…and even if it’s “only” a little bit, it’s still an unplanned expense. Plus, who really wants to pay more in interest? Not me! So what can you do? A great option is to put credit cards on a Debt Management Plan. Here’s how it can help you:

  1. Your interest rate(s) will be FIXED on a DMP. And in many cases interest rates are reduced on a DMP because creditors work with LSS, which is a National Foundation for Credit Counseling (NFCC)-certified agency.Erase debt
  2. You make one simplified monthly payment to LSS and we take care of sending your payments out to each creditor.
  3. If you are getting charged late fees, oftentimes those will completely stop.
  4. You’ll save a lot of money in interest charges.
  5. You’ll pay off your unsecured credit card debt in 5 years or less.

Another bonus from being on a DMP is that you’ll find that your credit score will improve with on-time monthly payments and because your debt balances are being reduced. And did I mention that your debt will be paid off in 5 years or less? I know I did, but it has to be said again because if you’re just making the minimum payments like many people out there, it can sometimes double or even triple the time it takes to pay off your debts. That can feel like you’re going nowhere.

So take action now to avoid paying even more in interest than you already are. Our financial counselors will create a workable budget and a plan of action WITH you so that everything is realistic and specific to your needs. If you want to get started online, click ‘Start now’ below. Or, give LSS Financial Counseling a call at 888.577.2227 for your free and confidential session. What have you got to lose with a free session…besides debt?
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Posted in Debt, Debt Management Plan, LSS Financial Counseling

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