Whether you have good or poor credit, chances are you should be borrowing for less. You can probably lower your payments and interest on your current debt and pay less on your new loan.


Consolidate your loans Debt consolidation reduces your monthly payments by rolling your existing loans and credit cards into a lower rate loan.


Choose the right type of loan Sometimes the obvious loan choice isn't the best. Save money by checking all of your options.


Refinance and lower your payments With rates at historic lows, there is no reason to keep paying the rate you got a year or more ago.


Improve your credit Your credit determines what interest rate you pay. Know where you stand and find out what you can do to improve it before you apply.


Consolidate you debt, then cut up your credit cards Why pay 18% to 20% interest on your debt if you can pay far less by consolidating your debt through a new loan. Interest in the vast majority of cases is also tax deductible unlike credit card interest.


Stop paying private mortgage insurance (PMI) Mortgage Insurance is generally only needed when your loan amount exceeds 80% of your property value. Keep in mind that home values have increased in many places, so many people may have more equity in their home than they realize.

Besides being expensive and not having any tax advantages, another annoying thing about PMI is that it's not uncommon for these insurers to forget to notify their customers when to stop paying. Homeowners should take the time to call their PMI representative to determine whether they've built up enough equity in their home (over 20%) to eliminate this pesky expense.

Also, interest rates are often lower when you have significant equity in your home. Refinancing could eliminate your mortgage insurance and lower your rate and payments.