With the Federal Reserve expected to continue to raise interest rates, here are 4 steps you can
take to protect you from paying higher interest rates.
1. Consider refinancing your current mortgage to a fixed-rate now while rates are still
incredibly low. If you have a variable rate loan, consider locking in a fixed rate mortgage.
2. Pay down any variable rate notes you may have like a line of credit. You can also look into
making these a fixed-rate loan as well.
3. If you have variable rate credit cards, look into a fixed rate option if you cannot pay-off the
balance. It may be worth considering a fixed-rate bank loan to pay-off high interest credit
4. Car notes can also be refinanced through your bank or credit union to a fixed-rate option.
If you have been in the market for a car, now may be the time to buy a new car and lock-in
some of the year-end financing deals.
5. If you are a saver, go on the internet and look for some of the higher yielding savings
options available to you. If you can avoid locking your money up into a time investment. If
rates are going up and you have locked your money into a CD (or something similar), you
will not be able to take advantage of the rising rates.
6. In a rising rate environment, it is even more important that you do not have more debt than
you can afford. The debt you have you want to be sure and pay the lowest rate possible.
So locking rates in while interest rates are still low can really work to your advantage.