Using credit cards to finance your remodel or addition is another option to consider. In most cases, the interest you pay will be calculated at a high rate and the interest will not be tax deductible. If, however, this is the best option for you, you should consider a few possible ways to reduce the cost of financing in this way. First, check your accounts and use the account with the lowest interest rate. Second, consider opening a new account that charges low or no interest for a given period of time. Many credit card companies offer new customers a low fixed interest rate on initial draws on the account. Some even offer a low fixed rate until the amount of the initial credit draw is repaid. If you are considering this option, you will want to be sure to check what the rate will be after the initial no-interest or low-interest period. Third, call your credit card company and ask if they can offer you a way to use your credit card and get a lower interest rate and better repayment terms for your project.

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