Community Chat

[handygal2]

According to this article in USA Today, yesterday's .25% hike in the federal funds rate won't necessarily mean there'll be any significant improvement in interest rates on savings accounts and certificates of deposit for consumers. There WILL however, be a quick increase in loan interest rates, as well as credit card rates.

So, instead of helping the consumer, this will help the banks and credit card companies increase their profits. Seems unfair, doesn't it?    

Here's the link to the brief article:

https://usat.ly/2nZvxaE

[Laura14]

I think the last hike I got a penny more in interest on my bank accounts.  I can't wait to now have an extra two cents.  

And the companies who lend us money are entitled to their profits. Not many of us can buy a house or car cash on the barrel.  Many people have been able to afford to buy homes and cars for the first time with the interest rates at record lows over the past few decades. The people buying in the 1970s would have killed for our interest rates.  

And as for credit card banks, don't charge what you can't afford to pay off at the end of every month.  My credit card bank has never made a dime off of me ever.  We control our own destiny on that one.  

[2blonde]

@handygal2  Right, but nothing new.  The interest rate they pay on a savings or checking account is a joke.  They might as well save themselves the trouble (I get about 25 cents a month on my checking).  It's like this tax "cut" that we are supposedly going to get.  I'll believe it when I see it......single people always get the shaft.

[software]

As far as the housing market, home prices are actually high right now, compared to say 5 years ago.    If the mortgage rates go up too much, it will stall the market.    I think if you are in the market to buy, I wouldn't panic.

And it's actually never good to be in debt.   Maybe this is a good time to pay down personal debt.

I have more trust in making money in the stock market than on anything a bank can offer.   Since the banks have been so cheap, I don't think they are going to start paying more interest, maybe for big commercial customers, but not consumers.

Just my 2 cents.

[twocent]

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@2blonde wrote:

@handygal2  Right, but nothing new.  The interest rate they pay on a savings or checking account is a joke.  They might as well save themselves the trouble (I get about 25 cents a month on my checking).  It's like this tax "cut" that we are supposedly going to get.  I'll believe it when I see it......single people always get the shaft.

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Hoping for a change on the tax "cuts" and that   my dh and I don't "fall thru the cracks, " as we have no children.  Seems any breaks always pass us by.

[viva923]

we the consumer will always get bit no matter what.

House interest rates going up

credit card rates going up

CEO's pay going up

we the owner of the credit cards get 

higher interest rates, longer to pay off the credit card

we the owner of  saving accounts

lose out again, we get left behind in the dust as usual

[esmeraldagooch]

You shouldn't expect any more money in your money kept at the bank.  This tiny bump is nothing.   

As financial markets had anticipated, the policymaking Federal Open Market Committee increased its benchmark target a quarter point. The new range will be 1 percent to 1.25 percent for a rate that currently is 0.91 percent.