What the Fed's rate pause means for your money now
Here's how the recent interest rate decision could impact your wallet.
With interest rates remaining unchanged, many Americans are wondering how to adapt their financial strategies. Jean Chatzky, CEO of HerMoney, joined TheStreet to discuss what the recent rate pause means for your wallet.
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JEAN CHATZKY: Whether you're talking about borrowing or saving, we have no control of the Federal Reserve. But there are different things that we can control and that can help us. So if you're borrowing, you want to focus on that credit score. You want to make sure that you're managing it so that it's as high as possible so that you can negotiate for shop for the lowest possible interest rates on all the different products in your portfolio. Same thing if you're a saver, you want to be aggressive.
Yes, we're not getting the same kind of interest rates in a high yield savings account that we were a couple of years ago, but we're still getting pretty good ones, and they're 10 times the rate of interest that you get in a basic savings account. So so go ahead and be aggressive about the products that you're looking for and and where you're where you're putting your money. So if you are paying off high interest rate debt, that is going to beat the return that you get even on the very best savings account, even on money that you could invest in the stock market, unless those dollars are getting matched by a 401k provider.
