Manaqgihadgd Yowr S es ayo \ “Waa (NAPSA)—Do you know how much you are paying in interest every month on yourcredit cards, auto loan and mortgage? The answer may comeas a surprise; therefore, it could be in your best interest to learn more about lowering yourinterest rates. Manypeople do not realize how much interest adds to their monthly payments and how that amount can slow downtherate at which they are paying off a debt. On average, people can spend about a third of their annual income on unnecessary high inter- est rates associated with their monthly bills, simply because they are unaware that better options are available. One way to save moneyis to refinance with a company that offers you a lowerinterest rate. In the case of credit cards, you can consolidate several cards into one lower interest payment. The best way to get started is to do little homework by researching interest rates, then compare how the rates vary. Do Your Homework To learn more about refinancing options, consider these helpful tips: Check out and compare interest rates to see what companies are offering. Much of this information can be found online. Taking the time to do your homework can really pay off, as some lenders offer rates that are dramatically lower than the national average. eCheck your local paper for major interest rate fluctuations. Ask about closing costs. If you are ready to refinance, be sure to ask about closing costs, as these can add to your total debt. eInquire about fees. When refinancing, ask about fees—you may be surprised by how much fees can vary! Read the fine print and find out how muchinterest you are paying, then see if you can refinance. Take advantage of dis- five years by no more than two tives. Check into companies that offer a discount for applying online, such as Pentagon Federal Credit Union (PenFed). Why PenFed? A fiscally sound, memberowned credit union that has been lending for over 75 years, PenFed offers interest rates that are substantially lower than those the average person can get from commercial banks, especially if you apply online. PenFed takes pride in serving over a million members, both civilian and military, worldwide. There are over 100 ways to join PenFed, and you too can take advantage of its exceptional rates and member-first service! never to exceed five percentage points abovetheinitial rate. Credit Cards: You can consolidate and refinance credit cards at a lower rate. One consolidated payment with a lower interest rate could be lower than one of counts, promotions or incen- Refinance YourLife Here are just a few of the ways you can use PenFed’s refi- nancing options to lower your debt payments: Mortgage: You could save on your homefinance charges by getting an adjustable mortgage. The credit union delivers a finance rate that is fixed for five years. The initial rate can change every percentage points, up or down, your existing payments. Auto Refinancing: Read the fine print on your car loan note. How much interest are you pay- ing? It can really add up! PenFed offers refinancing on auto loans up to $70,000 at attractive low rates. Refinancing is available for all car models, newor used. Learn More PenFed offers a diverse selection of products and services with built-in value that’s hard to beat; such as mortgages, credit cards, auto loans, equity loans, consolidation loans, Money Market Certificates, Money Market Savings, TRAs and much more—including a variety of insurance and investment-related products. To learn more about PenFed and membership eligibility, visit www.PenFed.org/lower or call (800) 247-5626.
