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How to Manage Your Debt Accounts When the Interest Rates are Rising

When interest rates go up, your monthly payments on any kind of loan or line of credit also increase. If you have high-interest debt accounts like a credit card, auto loan or personal line of credit, that can be a big problem. So how can you manage the impact when the interest rate goes up? The first answer is simple: pay down your balance as quickly as possible so that you’re not dealing with a huge balance once the new rates take effect. There are still ways to manage the impact of rising interest rates on your personal financial statement, even if you cannot pay off your high-interest debt immediately. Let’s look at some strategies for managing your debt when interest rates go up.
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What the Fed’s (Mega) Interest Rate Hike Means to Your Finances

Fed officials have been sending mixed signals about future interest rate hikes. On one hand, most officials acknowledge that the economy is strong and that inflation is rising faster than they had expected. Although on the other hand, they also point to a recent stock market correction as a sign that markets are overreacting to concerns about trade wars and will soon cool again. But whatever their private misgivings may be, most Fed officials will still follow through with another rate hike in September. After all, it’s what they’ve always said they would do if the economic data remained strong. Why and how it impacts you as a smart investor are the subjects of this post.
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How to Manage Your Money: Practical Tips for Personal Finance Management

To be financially secure, you must learn how to manage your money. First, you need to understand the basics of personal finance, like how interest works and how compound interest can help you. You also need to know everything about your credit score and how to improve your credit score. Finally, you need to understand how to make a budget and follow a budget, as well as how to save and invest money.
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