Federal Reserve plans to cut federal funds rate in September, affecting borrowing costs.

The Federal Reserve plans to cut the federal funds rate in September, impacting borrowing costs. Financial experts suggest homeowners refinance mortgages if new rates are significantly lower. They also recommend refinancing high-interest debts like credit cards and investing in high-yield savings accounts for better interest. Additionally, consumers should prioritize liquidity, consider CDs for upcoming purchases, negotiate credit card rates, and focus on saving rather than timing the market for major purchases.

September 02, 2024
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