How interest rates have changed even as the Fed holds steady

Hinterhaus Productions | Digitalvision | Getty Images Savings accounts Higher rates mean that consumers have to pay more to service their debt, but it also means that banks pay higher rewards to savers. It’s one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. “There’s also … Read more

How the Federal Reserve’s next move impacts your money

Economists expect the Federal Reserve to leave interest rates unchanged at the end of its two-day meeting this week, even though many experts anticipate the central bank is preparing to start cutting rates in the months ahead. In prepared remarks earlier this month, Federal Reserve Chair Jerome Powell said policymakers don’t want to ease up too quickly. Powell … Read more

Credit card interest rates are at record highs

Runstudio | The Image Bank | Getty Images Credit card interest rates have ballooned to record highs in recent years — and the growing portion of the formula that generates profit for card issuers is partly to blame, according to a new analysis by the Consumer Financial Protection Bureau. The average consumer paid a 22.8% … Read more

Americans with debt putting less money toward credit card payments

Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York’s latest Household Debt and Credit Report. On an … Read more

Raising your credit score can help you save $92 per month: report

With consumer prices still rising due to higher inflation, there is one way to save money that you may be overlooking: raising your credit score. Increasing your score from fair (580 to 669) to very good (740 to 799) may help you save $22,263 over the life of your credit and loans, according to a … Read more

Credit card users can save over $400 a year by switching issuers: CFPB

Olga Rolenko | Moment | Getty Images The nation’s largest credit card companies typically charge higher interest rates than small banks and credit unions — and switching may save the average cardholder hundreds of dollars a year, according to an analysis issued Friday by the Consumer Financial Protection Bureau. However, some consumers, depending on their … Read more

In credit card debt? Here are some expert tips to help pay it off

Credit cards are an Achilles’ heel for many people. Collectively, Americans now owe $1.13 trillion on their cards, and the average balance per consumer is up to $6,360, both historic highs. Not only are more cardholders carrying debt from month to month but more are increasingly falling behind on payments, recent reports show. “Even though dealing with $1 … Read more

What the Federal Reserve’s next move means for the rates you pay

The Federal Reserve announced Wednesday it will leave interest rates unchanged, setting the stage for rate cuts to come and paving the way for relief from the combination of higher rates and inflation that have hit consumers particularly hard.  Although Fed officials indicated as many as three cuts coming this year, the pace that they trim interest … Read more

How interest rates have changed over the last 12 months

Inflation is cooling. Consumer spending continues to be at record highs, while consumer confidence has been trending up. And, after almost two years of rate hikes by the U.S. Federal Reserve, investors are expecting at least a few cuts to interest rates this year. Their anticipation is understandable: The federal funds rate hasn’t been this … Read more