The Fed's rate cut won't necessarily slash credit card interest rates, but it could help you get rid of your card debt.
This week, the Federal Reserve made headlines by conducting its first rate cut of 2024. While most analysts expected a modest 25 basis point reduction, the Fed surprised markets with a more significant 50 basis point cut, lowering its benchmark interest rate to a range of 4.75% to 5%. This rate cut is welcome news for borrowers, as the Fed's interest rate decisions influence the rates offered on various types of loans, from mortgages to auto loans.
And with the Fed's rate cut, these already competitive rates could become even more attractive. If you're carrying significant amounts of card debt or need to roll multiple card debts into one loan, these borrowing products could allow you to access higher amounts than the average personal loan. That said, it's important to approach this strategy with caution.
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