This doesn’t mean that everyone with an adjustable mortgage is in trouble right away. Some indexes are more volatile than others. COFI moves much slower than other adjustable rate indexes, while LIBOR fluctuates with more volatility. But remember, when an ARM adjusts, new interest rate is a sum of borrower’s fixed margin plus current rate of index mortgage is tied to.

Consumers who foresee paying an interest rate that is significantly higher may want to consider refinancing to take advantage of stability of a fixed rate mortgage.

This is also a good time for borrowers who started out in an adjustable rate loan due to a poor credit score to transition into a fixed rate loan if they can. Once a track record of making mortgage payments on time and in full has been established, this should have a positive effect on credit score and there’s a good chance borrower may now qualify for a loan with a lower interest rate.

As with any decision to refinance, it is important to take terms of existing loan, cost of new loan, and borrower’s long-term needs into consideration. A qualified mortgage professional should help weigh out options by providing a clear assessment of available loan programs for consumer.

For ultimate procrastinator who will wait until last minute and pay online. Once again credit card companies will most likely make you pay for that convince. I have seen anywhere from $1 to $15 just to make your payment online.

This one is my favorite one and it took me awhile to figure this one out, because like you I really just didn't pay attention. And man did they make me pay for it too. Some credit card companies offer cash advances. You really have to think to yourself "How good of a deal is it really going to be?" after all they already charge 15%-18% or higher!

Why is it such a bad deal?

I'm glad you asked.

In most cases when you use your credit card to withdraw cash more fee kick in:

- A cash advance fee is normally an up front fee any where from 2%-4% of cash you take out

- The cash advance on credit card ALWAYS has a higher interest rate than your normal purchases

- The interest starts as soon as you get money out of ATM

- Many of credit card companies also require that you pay off all balance from your purchase before you can pay off your cash advance.

Here's a little example on how they get you with those extra fees:

Let's say you regularly charge $200 dollars a month with purchases on your credit card and you keep a running balance on your credit card of $1000. If you went out and needed cash right away and took out a $100 cash advance you would have to pay off $1000 dollars before you would be able to get to paying off cash advance. Now let’s not forget $200 you put on every month that you would have to pay off before they would pay off cash advance. I was going around in circles on this one for years before I figured it out. Free advice don't use a cash advance unless you absolutely have to. Taking time to read little "junk" credit card companies send you in mail and knowing where all these fees go will save you a lot of money in long run.