Ways to Save Money by Spending More
2. Refinancing
Refinancing is the best way out if you are debt-ridden. It refers to replacing an older loan with a new one, with better terms and conditions. When it comes to refinancing, most people opt to extend their maturity periods than negotiate the interest rates. This method, though more popular, is a bit taxing as it includes paying a penalty fee on it. Still, this method is way better than falling under the category of a loan defaulter. Refinancing is a good way to delay payment of loan, yet not brush it aside completely. This will give you the legal and right way of deferring your loan payment. So, even if you have to pay a small fine, it is way better than being a loan defaulter.
