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While FICO has deprioritized medical debt in credit score calculations, VantageScore removed medical debt from its calculations. The CFPB announced rulemaking to address the reporting of medical bills on credit reports that would require the credit bureaus to stop reporting medical bills entirely. How medical bills can affect your creditIn the past, credit bureaus would report medical debt the same as any other overdue bills, and could cause your credit score to drop. Protecting your credit from medical billsWhile unpaid medical debt doesn't have the same impact on your credit score as an unpaid credit card bill, it can impact your credit nonetheless. Consider medical credit cards or loansInstead of a traditional credit card, consider a medical credit card or loan.

Persons: FICO, rulemaking, doesn't, —, Experian, VantageScore, Biden, Tiffany Cross, Rick Eicheldinger, You'll, Cross Organizations: Consumer Financial Protection Bureau, CFPB Locations: United States, U.S

The collection's existence on your credit report can severely lower your credit score and impact future loans. Here's what you need to know about the impact of collections and how to get them removed from your credit report. As it ages on your credit report, its effect on your credit score will decrease until it falls off entirely. How can you remove collections from a credit report? There are a few different — and completely legal — ways you can try to remove it from your credit report to fix your credit score.

Persons: it's, there's, you've, Markia Brown, John Owens, Brown, Owens, Rick Eicheldinger, Zarrad, Eicheldinger, Jennifer, Read Organizations: Monterey Financial Services, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: America, TheGrio, New York City

☆ Avoid 'knee-jerk reactions' to candidates' proposed tax increases, financial advisors say. Here's why
▼ + stars: | 2024-09-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

With fewer than 60 days until the election, investors may feel stressed by the flurry of tax policy proposals. Democratic presidential nominee Vice President Kamala Harris has plans for middle-class tax cuts while raising levies on the wealthiest Americans and corporations. Meanwhile, former President Donald Trump, the Republican nominee, aims to extend tax breaks enacted during his first term and end taxes on Social Security benefits. How it compares to recent historyBut there's a big difference between a candidate's tax idea or proposal and signed legislation. "All sorts of things are in presidential budgets that don't get enacted," said CFP and financial therapist Rick Kahler, president of Kahler Financial Group in Rapid City, South Dakota.

Persons: Donald Trump, Kamala Harris, Trump, Louis Barajas, —, Harris, Rick Kahler Organizations: Republican, Democratic, U.S, New York Young Republican Club, Social Security, International Private Wealth, Finance, Kahler Locations: New York City, U.S, Irvine , California, Rapid City , South Dakota

☆ Money market funds hit another record high — but experts warn it's time to move out of cash. Where they see opportunity
▼ + stars: | 2024-09-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Assets in money market funds hit $6.3 trillion the week that ended Wednesday, another record high, according to the Investment Company Institute . The annualized 7-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.08%. History shows that when investors do move out of money market funds, they move into fixed income over equities, he said. Institutional investors will also continue to move into money market funds as the Fed cuts rates because any cash they have in direct money market investments, such as Treasury bills, will be hit by rate cuts quicker than money market funds, explained Peter Crane, founder of Crane Data, a firm that tracks the industry. Once you have the appropriate cash needs set aside, consider moving any excess funds into fixed income, Jenkin said.

Persons: Mark Cabana, Peter Crane, Crane, Ted Jenkin, Jenkin, Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Falconio Organizations: Investment Company Institute, Bank of America, Federal Reserve, Institutional, Crane, CNBC, American Express, Bread Financial, UBS, U.S . Locations: UBS Americas

☆ Tim Walz took a $135,000 early withdrawal from a retirement account—that's generally a 'lose-lose situation,' says CFP
▼ + stars: | 2024-09-09 | by ( Ryan Ermey | ) www.cnbc.com time to read: +3 min

Even more interestingly, Walz told the Journal that he made a roughly $135,000 early withdrawal from a workplace retirement account last year to fund his daughter's college education. Walz is in an unusual situationFor Walz, $135,000 represents a relatively small chunk of what he can expect to earn in retirement. The Wall Street Journal estimates the Walzes' retirement savings at more than $1 million, meaning that the early withdrawal likely represented somewhere in the neighborhood of 10% of the retirement fund. Of Walz and his wife's roughly $300,000 in 2023 income, about $135,000 came from pensions or annuities. But it's especially dangerous for the majority of Americans who will have to rely heavily on their investments to fund their retirement.

Persons: Tim Walz, Walz, Gwen, J.D, Vance, It's, Gerika Espinosa, —, Jamie Bosse, Bosse Organizations: Wall Street, Republican, Street, CGN Advisors, Social Security Locations: Minnesota, Salt Lake City , Utah, Manhattan Kansas

☆ How high earners can funnel money to a Roth IRA, the 'gold standard' of retirement accounts
▼ + stars: | 2024-09-05 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Roth contributions don't get the same upfront tax break: Investors fund Roth IRAs with after-tax money, but generally don't pay income taxes on earnings or withdrawals in retirement. The 'only reason' to save in a nondeductible IRALordhenrivoton | E+ | Getty ImagesHigh earners can contribute to a so-called nondeductible IRA, however. The ability to use the backdoor Roth IRA is a major benefit of these accounts, tax experts said. watch now"The only reason you'd do [a nondeductible IRA] is if the intention was to do a backdoor Roth," Slott said. "All high wage earners should consider looking at both a backdoor Roth IRA and a mega backdoor Roth IRA if they can't set up a Roth IRA," said Ted Jenkin, a certified financial planner and founder of oXYGen Financial, based in Atlanta.

Persons: Thomas Barwick, Roth, Slott, Ted Jenkin, He's Organizations: Investors, Roth IRA, IRA, CNBC, Taxpayers, IRS, Arnold, Mote Wealth Management, Medicare, nondeductible Locations: deductibility, Atlanta, Hiawatha , Iowa

☆ How investors can prepare for lower interest rates: It's 'like getting a haircut,' advisor says
▼ + stars: | 2024-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Lower interest rates are "generally positive for stocks," said Marguerita Cheng, a CFP and chief executive of Blue Ocean Global Wealth, based in Gaithersburg, Maryland. Considerations for cash, bonds and stocksFalling interest rates generally means investors can expect lower returns on their "safer" money, advisors said. High interest rates have meant investors enjoyed fairly lofty returns on these lower-risk holdings. Winnie Sun co-founder and managing director of Sun Group Wealth PartnersHowever, such returns are expected to fall alongside declining interest rates, advisors said. "They'll be crying in six months when interest rates are a lot lower," she said.

Persons: Jerome Powell, Andrew Harnik, Winnie Sun, Lee Baker, Powell, Stephen Brown, Marguerita Cheng, Sun, Powell didn't, Ted Jenkin, Carolyn McClanahan Organizations: Getty, Sun Group Wealth Partners, Financial Advisors, Finance, North, Capital Economics, Blue, Sun Group Wealth, Planning Partners Locations: Irvine , California, Atlanta, Jackson Hole , Wyoming, U.S, North America, Gaithersburg , Maryland, Jacksonville , Florida

☆ Only 15% of Gen Z regularly saves a portion of their paycheck—how to start saving more today
▼ + stars: | 2024-08-23 | by ( Jade Thomas | ) www.cnbc.com time to read: +1 min

Gen Z adults aren't saving their money. Only 15% of Gen Z regularly puts a portion of their paycheck into a savings account, according to a recent Bank of America survey. And just 1 in 5 Gen Zers are contributing to a retirement account. Gen Z is typically defined as those born between the years of 1997 and 2012. The good news: Gen Zers are still under 30, and have plenty of time to save money and develop smart financial habits.

Persons: Gen Z, Zers, Gen, it's, Douglas Boneparth, Winnie Sun, Sun, you've Organizations: of America, Sun Group Wealth Partners

☆ As the Fed gears up for rate cuts, here’s what income investors need to do
▼ + stars: | 2024-08-23 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

With Federal Reserve rate cuts expected to begin in September, income investors may want to make sure their portfolio is in check. Instruments like money market funds and high-yield savings accounts will react pretty quickly to rate cuts. Some $6.24 trillion is currently sitting in money market funds, as of the week ended Wednesday, according to the Investment Company Institute . Clark Bellin, chief investment officer at Bellwether Wealth in Lincoln, Nebraska, is bullish in investment-grade corporate bonds right now. He prefers individual bonds over bond funds because the investor has more control.

Persons: Jerome Powell, Rick Rieder, Lawrence, Clark Bellin, Bellin, he'll, Fidelity's Michael Plage, Treasurys, Patience, BlackRock's Rieder Organizations: Federal, Treasury, U.S, BlackRock, Investment Company Institute Locations: Jackson Hole , Wyoming, Hauppauge, Lincoln , Nebraska

☆ There's still time to max out 401(k) contributions for 2024 — but some investors shouldn't, experts say
▼ + stars: | 2024-08-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's still time to boost 401(k) contributions and max out your plan account for 2024, but not everyone should, according to financial advisors. For 2024, employees can defer up to $23,000 into 401(k) plans, up from $22,500 in 2023, with an extra $7,500 for workers age 50 and older. Some 14% of investors maxed out their 401(k) employee deferrals in 2023, according to a 2024 report from Vanguard. Meanwhile, the average 401(k) savings rate in 2023 — including employee deferrals and company contributions — was an estimated 11.7%, which matched a record high from 2022, the same Vanguard report found. If you can afford to go further and max out your 401(k) for 2024, here are three things to consider first, experts say.

Persons: There's, Donald LaGrange, Murphy, Walz's, LaGrange, deferrals, — Organizations: Sylvest Wealth Management, Finance, Social Security, Vanguard Locations: Dallas

☆ Meet the millennials who got student-loan forgiveness and now have the freedom to save for retirement, grow their families, and consider going back to school
▼ + stars: | 2024-08-14 | by ( Ayelet Sheffey | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +17 min

Scott M. Smith, 40, wasn't expecting student-loan forgiveness. Scott M. Smith, 40, received student-loan forgiveness through PSLF. AdvertisementThe freedom to go back to schoolFor Paul Smylie, 39, student-loan forgiveness means something else. Smylie's student-loan forgiveness is giving him the financial freedom to consider doing just that. In a rule first established under President Barack Obama, any student-loan borrower who can prove they are totally and permanently disabled is eligible for student-loan forgiveness.

Persons: Scott M, Smith, wasn't, — Smith, servicer, hadn't, —, who's, PSLF, Joe Biden's, Millennials who've, Zers, millennials —, Gen Xers —, Paul Smylie, Smylie, Gen Xers, Chloe Moore, Financial Staples, Keenan Casey, CiCora Leigh, Leigh, Cicora Leigh, Barack Obama, Beverley —, Beverley, Grayson Hofferber, Hofferber, they'll, that's, someone's, Casey Organizations: Service, Public, Business, Education Department, Federal Reserve, SAVE, Appeals, Associated Press, Gallup, Lumina Foundation, millennials, Financial, Army, University of Mississippi, Veterans Affairs, BI, Millennial Wealth Management Locations: Mississippi, Beverley, forbearance, deferment

☆ These banks are cutting CD and savings rates. Where to park your cash to grab yield
▼ + stars: | 2024-08-13 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Last week, three online banks cut their 1-year CD rates, according to BTIG. Meanwhile, Synchrony slashed its online savings rate by 10 basis points to 4.65%. "We believe online banks are intentionally trying to shift customers toward savings rates, which are floating, over term rates," he said. The annualized seven-day yield on the Crane 100 list of the 100 largest taxable money funds is 5.11%, as of Monday. With both high-yield savings and money market funds, the rates can fluctuate.

Persons: Marcus, Goldman Sachs, Sallie Mae, Synchrony, Jerome Powell, Vincent Caintic, Christine Benz, Benz, Winnie Sun, Cathy Curtis, Curtis Organizations: Federal, Morningstar, Federal Deposit Insurance Corp, Sun, Wealth Partners, CNBC, Money, Curtis Financial, Treasury Locations: Capital

☆ With mortgage rates dropping, should you refinance? 'It could be worth it,' says financial planner
▼ + stars: | 2024-08-07 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Mortgage rates have plunged in recent days, leaving many homeowners wondering if they should refinance their mortgages. DON'T MISS: Achieve Financial Wellness: Be Happier, Wealthier & More Financially Secure Another consideration is the loan term, which determines how much total interest you will pay on the loan. You can run the numbers through a mortgage refinancing calculator. Of course, with refinancing you'll want to scrutinize the terms of the new agreement to ensure that there are no surprises. You could wait for mortgage rates to drop further

Persons: Dean Tsantes, Hazel Secco Organizations: Mortgage Locations: Virginia, New Jersey

☆ Where to generate income and safety during this global asset meltdown
▼ + stars: | 2024-08-05 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

With the stock market melting down, investors are scrambling for safety and ways to generate income. Treasury yields have also been falling as investors fled to safety, with the 10-year dropping more than 10 basis points earlier in the session. The move down in Treasury yields has Collin Martin, fixed income strategist at Schwab Center for Financial Research, shifting his outlook. "This is really attractive, especially considering that we have seen Treasury yields plunge so much," Martin said. Money needed in 12 months or less should be in a money market, he said.

Persons: Collin Martin, Martin, Barry Glassman, Glassman, Chuck Failla, Failla Organizations: Federal, Treasury, Schwab Center, Financial Research, Investment, Wealth Services, CNBC, Sovereign Financial Group

For Love & Money is a weekly Business Insider column answering relationship and money questions. Write to For Love & Money using this Google form. With the right travel rewards credit card, you can earn points that can go towards your next big trip. If you pay off bills with a portion of your inheritance, use your travel card to do it and earn those sign-on bonuses. Then, once you've reached your destination, use your card for all your purchases and allow your travel now to pay for your travel later.

Persons: —, Smart, Justin Rush, Rush, Mona Lisa, you've, it's, That's, doesn't Organizations: Service, TED, Facebook Locations: Tanzania, Fiji

U.S. Vice President Kamala Harris and second gentleman Douglas Emhoff descend from Air Force Two in Wilmington, DE, U.S., July 22, 2024. Vice President Kamala Harris' personal financial records are under fresh scrutiny now that she is running for the highest office in the United States. Experts say recent tax filings show she and her husband, Second Gentleman Douglas Emhoff, have largely kept their finances simple during her years as vice president. Yet that approach may have cost the couple as they left unclaimed tax savings through additional deductions, as well as other missed financial strategies. Harris' office did not respond to a request for comment by press time.

Persons: Kamala Harris, Douglas Emhoff, Second, Craig Hausz, Harris, Emhoff, Medicare Harris, doesn't, she'll, Carolyn McClanahan, McClanahan, Catherine Valega, Valega Organizations: Air Force, CMH Advisors, Finance, Social Security, Medicare, Planning Partners, CNBC FA, Green Bee Locations: Wilmington , DE, United States, Dallas, Jacksonville , Florida, Boston

☆ 72% of Americans worry Social Security will run out in their lifetimes. Here's what experts say
▼ + stars: | 2024-08-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Workers who pay into Social Security while they're working should expect benefits from the program when they retire. Yet 72% of adults worry Social Security will run out of funding in their lifetimes, a new survey from Nationwide Retirement Institute finds. Meanwhile, 23% do not expect to receive even a dime of the Social Security benefits they've earned. However, fears that Social Security benefits may dry up completely are overblown, experts say. Nevertheless, Americans shouldn't worry Social Security will disappear.

Persons: they've, Millennials, Xers, Harris, Vance, David Blanchett, We're, Blanchett, Joe Elsasser, CNBC.com, Elsasser Organizations: Workers, Social Security, Nationwide Retirement Institute, Finance, GOP, Social, Security, DC Solutions

Jenny Hunnicutt poses in front of the Royal Caribbean Ultimate World Cruise, which she's been on for nearly nine months traveling the world. As a U.S. citizen or permanent resident, you incur U.S. income taxes on "worldwide income," whether you're making money from a ship or another country. Gifts can become 'taxable income'For some self-employed cruise passengers, income could come in different forms. Joe Martucci, another passenger on the ship, is a certified public accountant who lived abroad for 16 years. Retired CPA Joe Martucci poses for a photo in Montenegro, a stop on the Royal Caribbean Ultimate World Cruise.

Persons: Jenny Hunnicutt, she's, Hunnicutt, Jane Mepham, Mepham, Joe Martucci, He's, Martucci Organizations: Royal, Financial Locations: Florida, Bahamas, Austin , Texas, Montenegro, Australia

A score between 580 to 669 is considered a fair credit score while a score under 580 is considered a poor credit score. Free credit score check servicesWhile many of these services do charge money, some of the best credit monitoring services are free, such as Capital One CreditWise or Credit Karma. As the base on which your credit score is calculated, credit reports don't actually include your credit scores. Checking credit score frequently asked questionsWill checking my credit score lower it? Your credit reports do not show when you check your credit score, so the credit scoring algorithms have no way of knowing if you checked your credit score.

Persons: Experian, FICO, you've, they're, VantageScore VantageScore, it's, Kendall Clayborne, Clayborne, Jennifer, Read Organizations: Fair, Consumers, Business, America, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: AnnualCreditReport.com, Chevron, TheGrio, New York City

I want to retire early, so I asked a financial planner what mistakes I should watch out for. In an effort to get on track, I chatted with certified public accountant and certified financial planner Ryan Nelson about the most common mistakes people make when they attempt to retire early. He advised people to proactively calculate the cost of health insurance during early retirement before reaching Medicare age, which is currently 65. "Look into private marketplace options, whether individual health insurance plans, health sharing ministries, or short-term health insurance plans to see how much these could cost." Not maximizing health savings account contributionsFor those planning to retire early, Nelson also recommend that they maximize their health savings account contributions.

Persons: —, Ryan Nelson, Nelson, Roth, I've Organizations: Service, Roth IRA, IRA

☆ What to do now that the Fed is signaling lower interest rates
▼ + stars: | 2024-07-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +9 min

Given the many ways lower rates can affect your finances, here are some things to consider when deciding what steps to take in response. Here’s how lower rates may affect key areas of your financial life, along with tips on what to do about it. If that proves difficult to get, see if you can transfer your balance to a credit card from a credit union or local bank that offers lower rates than the biggest banks. And because many variables determine what that factor will be, it will be hard to figure out the impact of lower interest rates. His advice: Don’t keep more than six months’ to a year’s worth of living expenses in cash or cash equivalents.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, Diodato, you’ll, McBride, ” Dodiato, Collin Martin, don’t Organizations: New, New York CNN, Federal Reserve, Bankrate, Schwab Center, Financial Research, AAA Locations: New York, Schwab.com

The Best Banks and Credit Unions in GeorgiaCapital One 360 Checking: Best bank for opening a savings account and best online checking accountRegions Bank: Best bank for opening a checking accountDelta Community Credit Union: Best credit unionCredit Union of Atlanta: Best credit union, tiedAll of the financial institutions on our list are protected by FDIC or NCUA insurance. Some banks and credit unions that we recommend are Capital One 360, Regions Bank, Delta Community Credit Union, and Credit Union of Atlanta. We chose Delta Community Credit Union and Credit Union of Atlanta as the best credit unions in Georgia. Yes, there are U.S. banks and credit unions that operate in Georgia, such as Delta Community Credit Union and the Credit Union of Atlanta. Best Credit UnionYou might like Delta Community Credit Union if you want to use a credit union instead of a bank.

Persons: you'll, Sophia Acevedo, Tania Brown, It's, Mykail James, CFEI, Roger Ma, Sophia, Axel Springer, Education Sophia, Evelyn, Read Organizations: FDIC, Capital, Regions Bank, Delta Community Credit Union, Credit Union of Atlanta, Banks, Credit Unions, Georgia Capital, Bank, Delta Community Credit, Utah Free, Best, Truist, Truist Bank, Bank of America, Federal Deposit Insurance Corporation, National Credit Union Administration, Credit Union of, Credit Union of Atlanta . Georgia Bank, Business, Best Bank, Savings, Metro, Network, . Delta Community Credit Union, Delta Air Lines, US Citizen, Credit Union, The Credit Union of Atlanta, US Department of Treasury's, Financial, Fund . Credit Union of Atlanta, Atlanta ,, Better, Bureau, Regions, Consumer Financial, American, Finance, Education, California State University Fullerton, Angeles, Personal Finance Locations: Georgia, NY, LA, TX, VA, NJ, Washington, Metro Atlanta , Georgia, Kentucky , Texas, Atlanta, Chevron, Wells Fargo, U.S, Credit Union of Atlanta, There's, Metro Atlanta, Bahamas, Canada, Puerto Rico, Atlanta , Zoo Atlanta, California

Best Banks for Avoiding ATM Fees of 2024Axos Bank: Best online bank for avoiding domestic ATM feesConnexus Credit Union: Best credit union for avoiding domestic ATM feesChase Bank: Best national bank for avoiding domestic ATM feesCharles Schwab: Best institution for avoiding international ATM feesTD Bank: Best regional bank for avoiding domestic ATM feesBetterment: Best online banking platform for avoiding domestic ATM feesCompare the Top Banks for Avoiding ATM FeesThe best banks for avoiding bank ATM fees have free regional or national ATM networks, so you won't be charged for using an ATM. Here are the best banks for avoiding ATM fees as picked by Business Insider editors in 2024. up to $500 Pros Check mark icon A check mark. You could also refer to the schedules of fees document to review ATM fees and ATM withdrawal limits." Methodology: How Did We Choose the Best Banks for Avoiding ATM Fees?

Persons: Banks, Charles Schwab, Cash, you'll, Chase, Chase Sapphire, Schwab, you've, JP Morgan Chase, Jeffrey Epstein's, it's, You'll, Mykail James, Sophia Acevedo, Tania Brown, Roger Ma, James, Sophia, Axel Springer, Education Sophia, Evelyn, Read Organizations: Credit, Chase Bank, Best, Bank, Business, Axos, Axos Bank, Credit Union, Connexus Association, Chase, Start, JPMorgan Chase Bank, Chase Sapphire Banking, Chase Sapphire ℠ Banking, Chase Mobile, Chase Sapphire, Chase Sapphire ℠, Schwab, Charles, Charles Schwab Bank, Bank Best, East Coast, TD Bank, FDIC, NBKC Bank, U.S . Virgin, SEC, Alliant Credit Union, Ally, Bank5, Bethpage Federal Credit Union, CIT Bank, Connexus Credit Union, Discover, NBKC, Salem, Service Credit Union, SoFi, TIAA Bank, MasterCard, Finance, Savings, Education, California State University Fullerton, Angeles, Personal Finance Locations: Connexus, Minnesota , Ohio, Wisconsin, Alaska, Hawaii, Puerto Rico, United States, East, East Coast, Connecticut , Delaware, Florida , Maine , Maryland , Massachusetts, New Hampshire , New Jersey , New York, North Carolina , Pennsylvania, Rhone Island, South Carolina, Vermont, Chevron, Bethpage, NBKC Bank, U.S, California

☆ 1 in 4 adults without kids worry about who will care for them as they age: 4 tips for securing your financial future
▼ + stars: | 2024-07-29 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +3 min

But they need to start now, says Mark La Spisa, a certified financial planner and president of Vermilion Financial. "If they wait until 65 to assess their situation, that's what causes anxiety," La Spisa says. Do a 'financial fire drill'"Starting at age 50, you want to do a financial fire drill every day," La Spisa says. Sign up for long-term care insuranceLong-term care insurance covers a host of services not typically included in regular health insurance. "If you have quality long-term care, you are transferring the risk from yourself to the insurance company," La Spisa says.

Persons: Mark La Spisa, La Spisa, Mark La, Carolyn McClanahan, McClanahan Organizations: Pew Research, Planning Locations: Vermilion, walkable

☆ What to do when the Fed starts cutting interest rates
▼ + stars: | 2024-07-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

New York CNN —Over the past couple of years, the Federal Reserve aggressively raised its key interest rate to a 23-year high to beat down inflation. But, realistically, how much you’ll save when the Fed lowers rates will depend on how quickly it cuts and by how much each time. Since loan amounts are substantial, this is one area where even small cuts in interest rates could make a meaningful difference in what a homebuyer will pay. A couple of quarter-point rate cuts from the Fed won’t make it meaningfully cheaper, McBride said. A few rate cuts won’t make much of a dent in today’s record-high average rate of 20.7%.

Persons: ”, Greg McBride, ” McBride, “, Chris Diodato, McBride, Diodato, you’re, ” Dodiato Organizations: New, New York CNN, Federal Reserve, Bankrate, Fed Locations: New York

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