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Things to do this weekend with your money:
The Federal Reserve is widely expected to raise interest rates when it meets next week, which makes it a good time to review the rates you’re getting.
Today: Many credit cards base their interest rates on the prime rate, which may increase if the Fed raises rates. But competition among credit card companies is so stiff that issuers often are willing to cut special deals with good customers. If you carry a balance, ask your companies if they will match the lower-rate offers you’re getting in the mail or offer you a lower fixed rate. If not, consider transferring your balance to a card with a better deal. But read the fine print first; many low-rate deals have strings attached.
Saturday: Mortgage rates have increased sharply in recent months, partly in response to and anticipation of Fed moves. Rates on home equity loans, however, are largely unchanged. Consider a home equity loan or line of credit, which can be tax-deductible, to replace consumer debt such as credit cards or car loans. For more information and rates, check out Bank Rate Monitor at https://www.bankrate.com.
Sunday: Interest rates to savers have increased, with the average yield on a one-year certificate of deposit rising to 5.2% from 4.35% six months ago. Money market rates are also on the rise. You can use the savings rate chart in Sunday’s business section to shop for better rates.
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