You can transfer the balance to a lower rate or 0% card or a personal loan from your bank or credit union.
GREENSBORO, N.C. — If you have credit cards, loans, and a savings account, the recent cut by the Federal Reserve on short-term interest rates likely impacts you. Consumer Reports breaks down the changes you might see on your next statement.
First up – credit cards.
“If you carry a balance, expect a slightly lower interest rate. If you have the average debt load, which is more than six thousand dollars, if you’re making minimum payments, that monthly minimum payment changes by a dollar a month,” said Todd Rossman, Bankrate.
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