Close Menu
BestNewsOnline
    Facebook X (Twitter) Instagram
    BestNewsOnline
    • Retirement planning
    • Insurance
    • Real estate
    • Subscription
    BestNewsOnline
    Home»Personal Finance»Financial columnist Terry Savage on personal finance decisions amid interest hikes and inflation | Chicago News
    Personal Finance

    Financial columnist Terry Savage on personal finance decisions amid interest hikes and inflation | Chicago News

    July 18, 20222 Mins Read
    WhatsApp Facebook Telegram

    With inflation at its highest level in 40 years, the Federal Reserve is expected to announce another interest rate hike at the end of the month.

    If you were planning to buy a new home, should you do it before rates go up? What if you had to modernize your car? And is it good to pay off your credit card completely or should you keep a small balance to boost your credit score?

    Financial columnist Terry Savage says the sensible thing to do during these times is to save as much as you can and if you can, it’s good to earn some extra money.

    “If you can take advantage of the labor shortage right now and maybe work to earn some extra money to have a savings cushion or pay off your debts, it’s the right decision to take,” Savage says.

    High interest rates also mean that buying a home might be more difficult for some, but for first-time home buyers, this might be a good time to take that step.

    “If you know you’re going to have a job, and if you have enough money to make a down payment, there are great first-time homebuyer programs out there, now would be a good time to lock in the purchase of a home. ‘a house,’ said Sauvage.

    With the possibility of a recession looming, Savage says the best thing to do is be prepared.

    “Prepare now while you can. Get a job, earn some extra money, pay off your debt, because it looks like we should have six to eight months or even a year of tough times ahead,” advises Savage. .


    Add A Comment
    Leave A Reply Cancel Reply

    What's hot

    Assurant to Announce Fourth Quarter and Full Year 2022 Financial Results – InsuranceNewsNet

    January 11, 2023

    Charleston, Utah Companies Merge to Form Real Estate Technology Company > Charleston Business Journal

    January 30, 2023

    Laura Dickerson obtains NAR designation in real estate for the elderly – Citizentribune

    December 18, 2022

    Swiss Re estimates global nat cat losses at $168 billion

    December 5, 2022
    Don't miss

    Anywhere Real Estate Announces Leadership Changes | New

    December 8, 2022

    Charlotte real estate agent takes clients on a city tour

    November 14, 2022

    All eyes on interest rates

    November 11, 2022
    Picked for you

    LACERA invites tenders for the system’s emerging real asset management program

    Retirement planning February 2, 2023

    The Los Angeles County Employees Retirement Association invites proposals from qualified companies to implement the…

    BestNewsOnline.net is owned and managed by

    Top10 International FZ LLE
    Office 2002, 20th Floor, Creative Tower
    Fujairah, United Arab Emirates
    TRN: 100608946800003

    • Home
    • Contact us
    • Privacy policy
    • Terms and services

    Type above and press Enter to search. Press Esc to cancel.