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And that burden is set to increase in the years ahead because of refinancing and higher interest rates.

In their booths, the agents work through long lists of US phone numbers, some making promotional calls or sales, others calling about debt collection and refinancing.

However, refinancing also depends on your credit score, income and debt-to-income ratio.

Recasting a mortgage loan is one way to lower your monthly payments and pay less interest without refinancing.

If you have private student loans, you may want to explore refinancing them to get a lower interest rate.