Here’s hoping for less stress paying off the Christmas charge-up on the credit cards. The Federal Reserve is expected to announce new rules today preventing credit card companies from jacking up our interest rates so unexpectedly.
I’ve had that happen before and it’s no fun.
One of the new rules says your rate can’t be hiked until you’re more than 30 days late on the minimum payment. Mine was one day late once and the rate more than doubled.
I was not a happy camper.
What’s worse is that they make it nearly impossible to get it back down. Even after years of reliable payments.
… would make for an interesting Christmas present.
For those of us house-shopping right now, having the Federal Reserve lowering their “fund rate” to almost 0% can influence mortgage rates in my favor. The most recent quote we got was 5.5% 5%. I like the sound of that!
Now if we could just find a house we like… and could afford.
Reminds me of the phrase… “ne’er the twain shall meet”.