Reported 3 months ago
The Federal Reserve has paused interest rate hikes following 11 increases aimed at combatting inflation, which peaked at 9.1% in June 2022. With rates currently stable, checking and savings accounts see slight increases in interest rates, while high-yield savings accounts and CDs benefit more significantly. Conversely, personal loans and mortgage rates remain elevated, with the average credit card interest surpassing 21%. As consumers adapt, it's advisable to shop for the best savings rates and prioritize credit card payments due to the high interest.
Source: YAHOO