Get Out Of Debt

I ran into trouble a few years ago with an ex and am in the credit bureau and want out! The problem is that once I make my student loan payments and cost of living expanses there is not much left over. What I want to ask is due to the fact that my credit [...]

With interest rates dropping, i was wondering how refinancing your home works. What exactly is refinancing, what are the benefits and what are the downfalls?
What is the minimum interest rate reduction that makes refinancing worth it?
Thanks for answering!