The Fed Cut Rates

The Fed Cut Rates

The Federal Reserve has voted to cut the federal funds rate to a range of 1.75 percent to 2 percent. What does that mean for you? Well, the federal funds rate is the benchmark rate banks use to determine rates on savings and loans. Knowing that, there are certain things you should do and not do. We’ve sorted that out below.

What to Do

Get Better Savings Rates. Even with the Fed rate getting cut, if you’re not earning a good return on savings, it’s time to shop around. Many online banks and credit unions are offering rates of around 2 percent. Consider those instead of a big bank.

Refinance Loans. As HerMoney reports, it’s a good time to think about refinancing your auto loan or mortgage. Auto loan refinancing is fairly simple, while mortgage refinancing is a bit more complex. However, now is the time to take advantage of lower rates. Doing so could save you plenty.

What Not to Do

Freak out about investments. The Fed rate cut sent stocks tumbling the day it happened, but you’d be wise to remain calm. The markets might be volatile, but stick to your long-term retirement savings plan. The market rewards patience.

Ignore Your Credit. No matter what the Fed does, if you don’t have a good credit score, you’re hurting yourself. The better your credit score, the better rates you’ll be offered on things like credit cards, personal loans and mortgages. Now is not the time to forget this. Be vigilant with your credit score regardless overall economy.

Articles
The Smoothest Road To Your First Credit Card
The Smoothest Road To Your First Credit Card

Recent (and soon-to-be) college grads: this week, we’re looking at you. So much is changing so quickly and suddenly you’re workin...

Read More

Time is Of The Essence
Time is Of The Essence

Credit cards can be helpful if used correctly. They provide an avenue to good credit, allow you to rack up rewards and more. Howe...

Read More

Checking Your Credit Score Just Got That Much More Important
Checking Your Credit Score Just Got That Much More Important

Last year, there were more than 6,500 data breaches, according to a study by the Consumer Federation of America and VantageScore....

Read More

Three Point Stance
Three Point Stance

Rewards can make a credit card worth its weight in gold. If you can max out the benefits offered, and pay off your balance each m...

Read More

Millennials and Credit Score
Millennials and Credit Score

...

Read More

Easy as 1,2,3
Easy as 1,2,3

If you’ve had trouble keeping your credit score as high as you’d like it to be, it might help to simplify things a bit. Below is ...

Read More

Better Score, Better Mortgage
Better Score, Better Mortgage

One of the first steps in the house buying process should be working on increasing your credit score. Yes, we know. This is not a...

Read More

Building Credit
Building Credit

...

Read More

Jump to Action after Identity Theft
Jump to Action after Identity Theft

Hopefully you’ve never had your identity stolen. If you have, you know what a pain — in more ways than one — it can be. You not o...

Read More

Website Terms of Service

Please read these "Website Terms of Service" carefully before using SavvyMoney Checkup ("site", "website"). Accessing this site, or making this site available to any third party, indicates that you have read and accept these terms.

  1. Materials. Materials in this site are copyrighted and all rights are reserved. Text, graphics, databases, HTML code, and other intellectual property are protected by US and International Copyright Laws, and may not be copied, reprinted, published, reengineered, translated, hosted, or otherwise distributed by any means without explicit permission.
  2. Links to Third-Party Sites. Linked, third-party sites from website are not under the control of the Licensor. The Licensor is not responsible for the contents of any linked site or any link contained in a linked site, or any changes or updates to such sites.
  3. Confidentiality of Codes, Passwords and Information. Licensee agrees to treat as strictly private and confidential any username, password, user ID, and all information to which you have access through password-protected areas of website.
  4. Maintenance. Licensor shall provide Licensee any new, corrected or enhanced version of the site as it becomes available. Such enhancement shall include all modifications to the site which increase the speed, efficiency or ease of use of the site, or add additional capabilities or functionality to the site, but shall not include any substantially new or rewritten version of the site.
  5. Limitation of Liability. Licensor shall not be responsible for, and shall not pay, any amount of incidental, consequential, or other indirect damages, whether based on lost revenue or otherwise, regardless of whether Licensor was advised of the possibility of such losses in advance. In no event shall Licensor's liability exceed the amount of license fees paid by Licensee, regardless of whether Licensee's claim is based on contract, tort, strict liability, product liability or otherwise.