Financial Security

Consider refinancing your mortgage if you can get a rate that is lower than your existing mortgage rate and plan to keep the new mortgage for at least several years.

Calculate precisely how much your new mortgage (including points, fees and closing costs) will cost and whether, in the long run, it will cost less than your current mortgage.

Pay the entire balance on your credit card, or at least as much as you can to avoid or minimize interest charges. These charges can add up significantly.

“If you pay only the minimum amount due on your credit card, you may end up paying more in interest charges than what the item cost you to begin with,” said Janet Kincaid, FDIC Senior Consumer Affairs Officer.

For example: If you pay only the minimum payment due on a $1,000 computer, we’ll say it’s about $20 a month, your total cost at an Annual Percentage Rate of more than 18 percent can be close to $3,000, and it will take you nearly 19 years to pay it off.