Take Control: Make the Most of Dropping Interest Rates
Interest rates are dropping, which can be good for debt but tough on savings. Mansa Musa shares four practical moves you can make right now to get the most from lower rates.
Interest rates are dropping—and that creates both opportunities and challenges. The good news? Lower rates can help if you have debt. The not-so-good news? They can hurt your savings.
This week, Mansa Musa shares four smart ways to take advantage of a declining interest rate environment:
- Refinance or buy a home.
Lower rates can reduce your monthly mortgage payment—or allow you to qualify for more house with the same payment. - Shop for a car loan.
With lenders competing for your business, you may be able to lock in better terms. Just aim for the shortest loan you can afford. - Tackle credit card debt.
When interest rates fall, your card rates often follow. Keep paying the same amount each month, and you’ll knock down your balance faster. - Review your savings.
Savings accounts, CDs, and money markets pay less when rates drop. Now’s the time to rethink where you park your emergency fund.
Bottom line: lower interest rates open doors—but only if you know where to look.
Listen to Take Control: Make the Most of Dropping Interest Rates Below
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About Randi Myles:
I am a child of God that has a lot to say.
Here you will find conversations with artists, authors, speakers, and teachers within the faith-based community. Also, my journey has been colorful, rich, and sometimes really hard so, I look for answers and respite through these posts. My mom wanted me to write a book and I'm working on that, so bear with me as I fumble my way through.
I am working on balancing my extremely fun work life with my personal life that is filled with challenges these days. I know that God will see me to victory so... welcome to my life.
~Randi
