WASHINGTON – For the third time this year, the Federal Reserve is leaving interest rates unchanged, saying it will wait and see where the economy is headed before announcing another rate increase.
When it comes to your finances, experts say now is not the time to get complacent.
Number one, pay down your debt. Each time the fed decides to increase borrowing costs the interest rate payment on your credit card goes up.
So, experts suggest focusing on paying down your debt before rates get any higher.
They also say it may be a good time to refinance a mortgage since rates have dropped in recent months.
Number two, build up emergency savings. Now is the perfect time to put away money for emergencies and for retirement.
The key is to go with an account that gives you quick access to funds.
Finally stay the course with your retirement savings. As the fed figures out how to proceed, markets might get a little choppy, but experts say turbulence is normal.
So, ignore the hype and just keep saving aggressively.