May 12, 2008 6:31 pm US/Eastern
CBS4 Your Money: Budget Tips
Financial Experts Agree - Get Help If Your Having Trouble
MIAMI (CBS4) ―
Rising gas and food prices are putting a strain on everyone's finances.
We're seeing new record high gas prices on almost a daily basis and paychecks and family budgets are being stretched tighter than ever. That's why in these lean financial times people are doing whatever they can to save their hard dollars.
"Everyone should really sit down and go through a budget," said credit counselor April Lewis-Parks, "because when people see in black and white how much money they're spending on coffee or in the convenience store everyday, they'll say 'wow – I could be saving an $300 to $400 a month."
Some homeowners may be able to save money monthly if they refinance their mortgage and credit card payments.
CBS4 consumer reporter Al Sunshine says people paying between 15-percent to 18-percent interest on their credit cards may be able to refinance for a better deal. Currently, the standard average is 13.42-percent with the variable at almost 12-percent. There are even starter promotional rates as low as 10.9-percent.
Homeowners looking to reduce their monthly mortgage payments should consider refinancing. There are 30 fixed rate mortgages available for 5.69-percent and 15 year fixed rate mortgages available for 5.28-percent.
Above all else, financial experts agree that people having trouble making ends meet should not wait to get help.
"If anybody is having a problem, be proactive, take a step today just to get on your way," said Lewis-Parks.
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