The Federal Reserve Holds Rates Steady. How Does This Impact You?
February 7, 2020 Author: Tess Downing, MBA, CFP®, Complete View Financial
As expected, the Federal Reserve decided to hold rates steady in their last meeting of 2019. The federal funds rate is what banks charge one another for short-term borrowing and affects the borrowing and saving rates we see every day.
The historically low rates of 1.5% – 1.75% remain unchanged and the Fed provided evidence that these rates will remain steady over the course of 2020.
So, what does this mean for your personal finances? This is a great time to reassess your overall financial pictures and see what interest rates you are paying on your debt and what interest rates you are earning on your savings. Reviewing credit cards, mortgage, auto loans, student loans, and home equity line of credit interest rates is a great first step to ensuring you are not overpaying interest on your debts.
MEET TESS DOWNING, MBA, CFP®
Tess is the founder and lead financial advisor of Complete View Financial LLC. She has worked with individuals and families from all different backgrounds for well over a decade. Her passion is to help people reach their financial goals, whether it is to save more money, to make better investments or to reduce their overall debt and this is what led her to found Complete View Financial LLC.