By: Juntee Terrenal, GMS, ▪Competency ▪ Experience ▪ Results
Please click on the link ‘Interest Rates Increased by the Federal Reserve’ to read the complete Press Release today, December 14, 2016.
Who will benefit from this ‘quarter interest rates increased’? The lenders, businesses and people with money.
What will happen to the poor Americans? If they borrow money to augment their financial needs, they will suffer with the increased rates.
What is the best strategic tactic that can be done by individuals? Save your money and prioritize your spending habits. Do not get swallowed by the consumer-oriented commercialization. Specially at this time of the year, many will use their credit cards to the maximum.
If one has not saved sufficient for the holidays, the best option is use only what you have; be more disciplined for next year. Do not use that credit card as the new rates will reflect the interest rates that the Federal Reserve has announced. Credit Card issuers will be smiling for your Christmas shopping, unless you will be using hard cash. I only shop with cash.