But if you have bad credit, that soars up to 19 per cent. That’s about as much as the interest rate on a credit card.
If you hold off on retirement to pay off these loans, putting aside wages to pay them down, you could be saving yourself thousands in interest and creating a cushion to retire on.So why not pay down your mortgage too? It’s not just lower interest rates, although, with the average national mortgage rate for a 5-year fixed at about 6.14 per cent, that is an advantage.Article content
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