Take Advantage
of Falling Interest Rates
The latest drop in interest rates could affect you in several
ways. Take a look at your debt and your investments to see if its time for you to
take action. Here are some areas to consider:
- How can you ease the pinch on your savings account? Passbook
savings accounts hit a 15-year low recently, with rates around 1.5%. Perhaps its
time for you to move your savings into a money market account or certificate of deposit to
earn a higher interest rate.
- Should you refinance your mortgage? Whenever interest rates drop,
homeowners may have the opportunity to save money. However, refinancing might not save
money if you plan on selling your home in the near future. It can take several years to
recover the costs a lender typically charges to refinance your mortgage.
- Should you take out a home-equity loan? A home-equity loan may offer
a lower interest rate, and the interest may be tax-deductible. It will also put your home
at risk if you cant keep up with the loan payments.
- Will your credit card interest rate drop? If your rate hasnt
automatically dropped, try calling your credit card company to negotiate a lower
rate.
Let us help you review how interest income and/or interest expense
affect your financial well being. Give us a call.
Related pages:
Beware of online stock scams
Financial Planning For
Women
Financial resolutions
for a new year & a new century
Personal
Financial Planning
Review and Rebalance
Your Investment Portfolio
© Copyright 2001 Raymond S. Kulzick. All rights reserved.
010501.
This publication provides business, financial planning,
and/or tax information to our clients. All material is for general information only and
should not be acted upon without seeking appropriate professional assistance.
Contact rkulzick@kulzick.com with questions or
comments about this web site.
Copyright © 2001 Kulzick Associates, PA - Last modified: September 13, 2008