Prohibition on Refinancing Mentioned in Consolidation News Frenzy
In this video transcript from an ABC television affiliate, a mention is made of the fact that one can't refinance a consolidation loan (apologies for the caps, that's how it's typed on the website):
"CONSOLIDATING CAN SAVE YOU MONEY BUT ONCE YOU LOCK IN THE RATE, THAT'S IT.
Jevita de Freitas: so it's not like a mortgage most of the time depending on the lending institution where you can refinance every time the interest rates go down."
Note that today is the day the rates go up, so maybe now the media can focus on the problems of those who've already consolidated instead of just harping on those who haven't.
Happy Independence Day, all, and have a great holiday weekend from GenerationDebt!