New Year – Time for Change
Increases in interest rates have caused our loan payments to be higher than they were a year or two ago. The problem is that most of us don’t regularly track the interest rates on our loans or know how much money (and work hours) we actually "give" to the bank each month. The New Year is a great time to change that!
Time is Money – Literally
Remember, every hour spent at work paying off loan interest is an hour you can’t dedicate to self-improvement, family, or rest. If your payments are too high, you are literally working more for the bank. If you can save even a few hours each month, why not try?
Check Your Loan Status with GjeldsMonitor
Many people living in Norway don’t even know the exact terms of their loan repayments – whether it’s a mortgage or consumer loan. This is where GjeldsMonitor comes in handy – a free online tool that:
- Gathers all your loan and credit card information in one place.
- Clearly displays your current interest rate, payment amounts, and total debt.
- Helps estimate whether there are opportunities to improve your terms (e.g., through refinancing).
Why Is It Worth It?
- You’ll know exactly how much your current loan is costing you.
- You can check if there’s a chance to lower your interest rate and consolidate several debts into one lower payment.
- If your loan is expensive, you’re working longer hours to pay higher interest. Refinancing can shorten that time.
What Do You Lose by Not Checking Your Interest Rate?
Primarily – money and free hours. Many borrowers pay several percentage points too much simply because they haven’t realized that better solutions are available. So, if your loan payment heavily burdens your budget and you believe that “it has to be this way” – it’s worth verifying.
Is Refinancing Worth It?
Refinancing is a mechanism that allows you to:
- Replace an expensive loan (or several loans) with a new one, often with a lower payment.
- For secured loans (e.g., mortgages), you may get even better terms if the value of your property has increased or your creditworthiness has improved.
- Instead of paying multiple payments, you make just one – simplifying budget management.
How to Start Working Less to Pay Off Your Loan?
- Visit the GjeldsMonitor website and log in – you’ll see the state of your debt.
- Compare interest rates and payment amounts – you’ll quickly see if refinancing is worth trying.
- Contact an advisor (or another financial institution) to discuss the best options for reducing costs.
Step Into the New Year with Lower Payments
Is it worth starting another year with the feeling that “there’s nothing you can do about loan payments”? The New Year is a symbolic time for change – and these don’t have to be big revolutions. All it takes is one small step: checking your interest rate.
Don’t let high loan payments dictate your free time! Take the first step today and see how much you can save.