The smart use of credit can be an important part of your personal and business financial strategies.
- Use common sense. Never borrow more than you can repay. Prioritize your borrowing based on long-term value. Reserve some borrowing capacity for emergencies.
- Consider all the terms. Review all the terms and conditions before you sign any credit application.
- Get help if you need it. If your borrowing gets out of control, take immediate steps to solve the problem. Contact lenders to work out a repayment plan. Seek the help of a qualified credit counselor.
Today's Low Rates
Interest rates are at or near historically low levels. Accurate predictions of future interest rate movements are almost impossible to make. To take advantage of BB&T's current low rates, here are two ideas to consider:
Mortgage and Home Equity Loans
Mortgage rates are low, as are home equity rates. Now is a great time to get a mortgage on a new home, refinance an existing mortgage, or use your home's equity to make home improvements, pay for education expenses, or consolidate debt. (All come with potential tax advantages). BB&T has mortgage and home equity programs to meet almost any need.
All credit cards are not alike. Differences in fees, interest rates, and associated benefits for using the card should all be considered when choosing the one that makes most sense for you. If you carry over balances and pay interest on those balances, having a card that charges lower interest rates can mean the difference of hundreds or thousands of dollars each year. With an average balance of $5,000, the difference between an 8% and an 18% rate means $500. You owe it to yourself to compare.