Disclaimer: This Inside South Florida segment is sponsored by Tropical Financial Credit Union. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
Marylen Yiris from Tropical Financial Credit Union joined Inside South Florida to address the rising concern of high credit card interest rates, which currently average around 28%. She offered practical solutions and guidance to help consumers save money and reduce financial stress.
Step 1: Be Aware of Your Rate
Marylen emphasized the importance of knowing your credit card’s interest rate. Many people rely on credit cards to manage rising costs of essentials like food, gas, and housing. However, ignoring high-interest rates can lead to long-term financial strain. By reviewing your account and reaching out to your financial institution, you can explore options like balance transfers or consolidating debt into lower-rate credit cards. These strategies can reduce monthly payments and save you thousands in interest over time.
Leverage Home Equity for Savings
For homeowners, Marylen recommended considering home equity loans or lines of credit as an alternative to high-rate credit cards. With South Florida’s rising home values, many people have built equity that can be tapped into. Home equity loans typically offer lower interest rates and longer terms for repayment, resulting in lower monthly payments and significant savings on interest. This option is particularly helpful for those facing financial difficulties.
Explore and Compare Financial Options
Marylen stressed the importance of staying proactive with your finances. Consumers should research different financial institutions and products to find the best rates and solutions tailored to their needs. Consolidating debt, leveraging home equity, or switching to a lower-rate credit card can help you regain control over your financial situation.
How Tropical Financial Can Help
Tropical Financial Credit Union offers personalized assistance to help you navigate your options. Whether you need advice on balance transfers, consolidation loans, or home equity lines of credit, their lending consultants are ready to guide you. For more information, visit their website atTropicalFCU.com or call to speak with a consultant.
Marylen reminds viewers to stay vigilant about your financial health. By taking small steps now, you can save time, reduce stress, and build a stronger financial future.
