Federal interest rates are now at their highest levels since 2008.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Everything you purchase on credit has an interest rate attached, and that interest rate is impacted by a change in the federal interest rate.
Well keep it updated as offers changes or expire.
Credit Cards
Simply put, your credit is going to become more expensive.
That rate is only expected to inch higher.
Take home message: Do what you’ve got the option to to pay down credit cards now.
Its a good time to have money saved, and a bad time to have accrued debt.
If your rate is variable, its about to go up, and your monthly mortgage payment will rise.
The average fixed morgtage rate on a 15-year loan is currently at at 5.56%.
Millennials and Generation Z have enjoyed historically low mortgage rates much of their adult lives.
First-time home buyers might be shocked, especially as rising interest rates collide with escalating home prices.
Your overall interest costs will depend on the interest rate you qualify for.
In general, the higher your credit score, the better your rate will be.
New car prices have remained stubbornly high since the pandemic.
At first, supply chain issues and chip shortages were to blame.
Expect that number to climb.
Thefederal student loan forgiveness programannounced under the Biden-Harris Administration is currently being challenged in the Supreme Court.
Whether or not you submitted an app, the programs fate remains uncertain for now.
Its important to start preparing your finances should student loans not be wiped out.
A final decision is expected to be made by the Supreme Court this summer.
If you have asavings account, youve likely seen your interest rate grow to more than 3% recently.
Its a great time to be saving money versus holding debts or borrowing money.
Since then, its been going up from there.
This suggests that several more rate hikes are still on the horizon for 2023.
Increases in interest rates impact both inflation (positively) and employment (negatively).
When the Federal Reserve increases the benchmark interest rate for borrowing, both public and private lenders follow suit.
As a result, any interest cost included in a purchase is going to go up.
The interest rate hike wont affect your mortgage if you have a fixed-rate mortgage.
When it comes to savings, low interest rates make it unappealing.
Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013.
He is a contributor to The Penny Hoarder.
His work also appears on The Smart Wallet, FinanceBuzz, Yahoo!
Rachel Christian, a senior writer for The Penny Hoarder, also contributed to this story.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
