Borrow

Tips for Managing Debt as Interest Rates Rise

Debt can be a challenge to manage, even in the best of times. Now, the economy is in the news every day. So, how do you effectively manage your debt as the cost of borrowing for homes, cars, and credit cards rises? Here are five questions to ask to minimize the hit to your wallet in the face of rising interest rates. What’s your current credit score and history? Knowing this information helps you understand how rising interest rates will apply to you. Some research shows that only 33% of Americans checked their credit score in the past year. Regularly monitoring your credit can alert you to errors and protect you from fraud. It can also provide valuable information to strengthen your credit score, which can potentially minimize the rising cost of borrowing. What’s your debt portfolio? Anot...