Credit counselors say low interest rates can add up to big savings for most of us. If you like to charge items, then expect to see a small savings on your next bill. If you are looking for a new credit card, you may really be able to find a good deal.
"I imagine folks will see a difference. It won't be a big difference, but it'll be a difference," says credit counselor Mike Farrell. "For me, I look for a fixed rate, not an introductory rate. I don't mess around with introductory rates."
If you are thinking about a student loan or perhaps interested in a new car, the low rates should fuel a flurry savings at car dealerships. However, the best place to pad your wallet may be right at your front door.
Mortgage lenders say now is a good time to think about re-financing if the new rates will save you more than a percentage point in interest, and if you are planning to stay put for another four to five years.
"It depends on the loan amount, but usually the savings is $100 a month. That's a nice savings," says mortgage lender Bill Kerns.
If you have been thinking about buying a car or a house or just refinancing, this could be a big window of opportunity. The Federal Reserve has its regularly scheduled meeting at the end of the month. Some analysts think there may be more cuts to come.
• Credits
Copyright 2024 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
