But Vince needs to be very careful not to increase the total amount he owes. If he does he'll be in for a nasty surprise when rates rise sometime in the future. The other option would be for Vince to continue making the same payments that he is now. The extra amount over his minimum will be applied to reduce the amount owed. If he's comfortable with his present payments it's a great opportunity to repay debts without tightening his budget.
Lower rates do make it easier for borrowers.
But they also present a danger. A payment that's tied to a variable rate account may be comfortable today. But when rates rise the payment will rise, too. So be careful not to make commitments that will be difficult to honor later. You'll find hundreds of free articles to save you time and money.