KNOWLEDGE CENTER: Tips to manage your borrowing and debt as interest rates rise [Column]

So I was reading this article about managing your borrowing and debt as interest rates rise, and I gotta say, it was eye-opening. Basically, as interest rates go up, it’s gonna get more expensive to borrow money, which could be a real problem for folks who have a lot of debt.

According to the article, one of the most important things you can do to manage your debt is to come up with a plan. That means figuring out how much you owe, how much you can afford to pay each month, and what strategies you can use to pay off your debts faster.

Another tip the article gave was to consider consolidating your debts. This can be a good option if you have multiple debts with high interest rates, as consolidating them into one loan with a lower interest rate can save you money in the long run.

And finally, the article emphasized the importance of staying on top of your credit score. A good credit score can help you get lower interest rates on loans and credit cards, which can save you a ton of money over time.

Now, I’ll be honest - I’m not the best when it comes to managing my finances. But after reading this article, I’m definitely going to make an effort to come up with a plan for paying off my debts and keeping my credit score in good shape. Maybe I’ll start by cutting back on my daily coffee runs…yeah, right!

All jokes aside, this is a really important topic to be aware of, especially as interest rates continue to rise. By taking steps now to manage your debt and improve your credit score, you can set yourself up for a brighter financial future.