Searchable News & Info From Reliable Online Sources.
- My hometown shows that high streets have to change or die
Aberdeen is launching an ambitious bid to revive its struggling centre. Could it offer lessons for other high streets? [TheTopNews] Read More.18 mins ago - Fed raises rates for first time in years: What it means for your wallet
The Federal Reserve's first interest rate hike in more than three years is likely to increase borrowing costs for many consumers, particularly those carrying variable-rate debt such as credit cards and home equity lines of credit.Earlier this month, the Fed voted unanimously to raise its benchmark federal funds rate by 25 basis points, lifting its target range from 3.5%-3.75% to 3.75%-4%. The increase marked the central bank's first rate hike since July 2023 after holding rates steady through its first five meetings of the year.For consumers, the biggest impact will likely come through higher borrowing costs."Borrowing just got a little bit more expensive," George Kamel, co-host of "The Ramsey Show," told FOX Business. "… Think, your credit card — instead of 28%, it might be 28.25%. Your mortgage, if you go get a new mortgage today on a fixed rate, it might go from 6% to 6.25%."WHY THE FED ISN'T READY TO DECLARE VICTORY ON INFLATIONKamel said the Fed's decision primarily affects variable-rate debt, including credit cards, home equity lines of credit (HELOCs) and adjustable-rate mortgages once they reset.Consumers with existing fixed-rate mortgages, auto loans and other fixed-rate debt generally will not see their monthly payments change.For Americans carrying credit card balances, Kamel said the latest rate hike should serve as another reminder to make paying down high-interest debt a priority."Credit cards have some of the highest APRs of any kind of consumer debt, anywhere from 20% all the way up to 30%," Kamel said. "… Cut up the cards, stop using the cards, don't add anything more to the balance, and just aggressively try to knock down extra onto the principal until that thing is gone."FEDERAL RESERVE HIKES INTEREST RATES FOR FIRST TIME SINCE 2023 AMID STUBBORN INFLATIONKamel said he recommends the "debt snowball" strategy, which involves paying off debts from the smallest balance to the largest while making minimum payments on all other accounts.Mortgage rates are influenced more by Treasury yields and the bond market than by the federal funds rate, Kamel said.Still, prospective homebuyers could see borrowing costs edge higher. "It's not going to be a life-changing amount, but it just makes it a little bit more difficult for those people who are trying to get their foot in the door of homeownership," he said.Savers, however, may see a modest benefit. Kamel said banks could gradually raise yields on high-yield savings accounts, allowing consumers to earn more on… [TheTopNews] Read More.3 hours ago - Lowe’s is launching a drone delivery service in partnership with DoorDash,...
Lowe's is launching a drone delivery service in a partnership with DoorDash and Alphabet's Wing, CNBC has learned exclusively. [TheTopNews] Read More.4 hours ago - Dee Brock, Who Created the Dallas Cowboys Cheerleaders, Dies at 96
As the first director of the troupe, she helped transform it from a high school squad into a global phenomenon. [TheTopNews] Read More.6 hours ago - Morris Ballen, Who Helped Spread Indie Artists’ Music, Dies at 88Countless independent acts in every genre — punk, hip-hop, church choir — relied on him to create small runs of high-quality records and CDs. [TheTopNews] Read More.6 hours ago
- A 7-Day Standoff That Said So Much About Trump and the MediaAn abrupt decree, a network boycott, a legal intervention and an uneasy détente: This was no typical battle between a president and his press corps. [TheTopNews] Read More.8 hours ago
The Searchable USWebDaily.com and TheTopNews NewsBank Helps You Be Better Informed, Faster! Spread The Word.
