In June, the Federal Reserve increased interest rates by a quarter point – and that means, how you borrow money and access credit will change.
If you have debt, here’s what you need to know NOW:
Credit Cards
If your credit card has a variable rate, then each year, you’ll pay an extra $2.50 for every $1,000 of debt you owe. So, what can you do? Look into zero-interest balance transfers and make paying off high-interest credit cards a priority.
Mortgages
If you have an adjustable-rate mortgage, most likely, your rates go up. If you can, look into refinancing and lock in a fixed interest rate.
Student Loans
If you have a federal student loan, the interest rates are fixed, so you don’t need to do anything. But, if you have a private loan, your interest rate might go up. See what type of loan you have, and then, if you need to, try to refinance.
Do your homework, and with the right steps, you can save money by paying less interest.
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