How To Save Money on Interest
The Federal Reserve announced this week that it will not be raising interest rates, and will not be doing so in the future either!
This is an excellent time then to try to pay down some of your debt! As many know, debt can be a never-ending cycle that’s almost impossible to escape. Sometimes it’s difficult to pull together your minimum monthly payment, and any progress you make towards reducing the balance may get eaten up by interest charges. To become debt free faster and save money on interest fees, follow these steps to success with the help of the life-changing Qoins app.
- Make Larger Monthly Payments
When you’ve got household bills or groceries to pay for, it’s easy to let debt fall to the wayside. Missing your monthly payments results in late fees, while interest accumulates faster than you might realize. Inaction causes debt to increase; paying the minimum may barely make a dent. It’s crucial to contribute a decent amount of money to your outstanding balance each and every month.
If you’re wondering where to get all this extra money to make these higher payments, you may be surprised to learn that it’s already sitting in your bank account. The Qoins mobile app puts together your monthly payment by compiling the spare change from every purchase you make. The process is simple:
- Each transaction total is rounded up to the next dollar.
- The excess change is set aside.
- The fund is used to make automatic payments each month.
Because the amount you contribute during each purchase is so low, you barely notice its absence. By the end of the billing cycle, you can likely accumulate more than your minimum amount due. The Qoins’ auto-pay feature makes it harder to miss payments, and your banking info is never stored. Encryption software protects data from being compromised.
- Pay Down Debt Faster
Once you start cutting your debt down with bigger and more frequent payments, you put yourself on track to erase the balance in much less time. The longer you sit on any debt, the more interest you wind up paying in the long run. If you’re able to accelerate the process of eliminating the amount owed, you can ultimately pay less on these added charges.
Not only does your wallet thank you for reducing debts sooner, but your peace of mind can return once loans and credit card statements aren’t weighing you down. It also means you can start saving money to put towards future plans, such as weddings, vacations or children.
- Spend Less on Interest
When you take out loans or open credit cards, interest rates can come in all shapes and sizes. Percentages may be fixed or variable, depending on the lender, and your credit history and current income might come into play.
While you lack control over the interest rate you receive, you can improve your chances of stronger percentages by getting yourself debt free sooner. A credit check should show your prompt attention to your accounts, and this betters your situation for future loans.
The only way to ensure you put less money into interest is to pay your debt off faster. A mobile app makes this goal much more attainable by increasing your monthly payments in such a way that you hardly notice it’s happening. Join the scores of people who are finding freedom from the burden of debt and download Qoins on your device now.