US Federal Reserve is finally lowering rates: Here's what consumers need to know
3 months ago

US Federal Reserve is finally lowering rates: Here's what consumers need to know

Hindustan Times  

The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. “Act cautiously and responsibly," Channel said, "and don’t make any rash decisions based on a single Fed meeting or economic report.” Eventually, yields for savers will decline as the Fed lowers its benchmark rate. “While lower rates are certainly a good thing for those struggling with debt, the truth is that this one rate cut isn’t really going to make much of a difference for most people,” said Matt Schulz, a credit analyst at LendingTree. “With auto loans, it’s good news that rates will be falling, but it doesn’t change the basic blocking and tackling of things, which is that it’s still really important to shop around and not just accept the rate that a car dealer would offer you at the dealership,” said Greg McBride, an analyst at Bankrate. “It’s also really important to save what you can and be able to try to put as much down on that vehicle as you can.” McBride predicts that the rate cuts and the avoidance of a recession will lead to lower auto loan rates, at least for borrowers with strong credit profiles.

History of this topic

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