You can use several strategies to help lower the cost of debt for your business.nnImprove Credit Rating to Lower Interest RatesnnImproving your credit rating can significantly impact the interest rates offered by lenders. A higher credit score indicates a lower risk for the lender, often resulting in lower interest rates. Making timely payments and reducing outstanding debt can enhance your creditworthiness, securing more favorable borrowing terms.nnRefinance High-Interest Debts for Lower Interest ExpensesnnRefinancing high-interest debts presents an opportunity to reduce interest expenses. This involves replacing existing high-interest loans with a new loan featuring a lower interest rate. Doing so can decrease the overall cost of debt, potentially saving a substantial amount over the loan term.nnUtilize Tax Savings by Deducting Interest ExpensesnnLeveraging tax savings through deducting interest expenses is another effective strategy to mitigate the cost of debt. Businesses and individuals can often deduct interest paid on loans from their taxable income, reducing tax liabilities. This essentially lowers the after-tax cost of borrowing, making it more financially advantageous.