I was impressed with the Presidents State of the Union Address as he outlined a plan to give more funds back to the American people through tax rebates and make that permanent . As America faces some tough times due to mismanagement in the mortgage industry it is important for everyone to take a look at their personal finance situation and make some corrective actions. We have been fortunate to have good credit and pay our bills when due to keep us out of any financial crisis. As with home homeowner we too got caught up in the lower short term rates and probable purchased a home that was a stretch for us, and once the rates started to adjust higher we were able to flip that over to a 30 year fixed for actually less than our 7 year ARM. This was based on market timing and knowing our personal finance situation which enabled us to negotiate with the lender.

If you have multiple credit cards or loans and have paid your bills on time then you may have some leverage with your current credit card or finance company because they are looking for good credit risks. Just call them up and let them know that you are considering switching or transferring your funds and ask what their lower rates are and most of the time you will be able to gain a lower rate.