In 2002, rates on both types of cards are nearly certain to rise. Even fixed-rate cards are no shelter. The jockeying around to find a low-rate card is really only half the equation, ... The real thing to do is pay down debt.
More Quotes from Greg McBride:
The range of scores is more intuitive to the consumer. Lenders will have a choice about which scoring methodology to use. Whether they accept the new system will depend on pricing, and how widespread the new scores are accepted.Greg McBride
One thing is evident looking at the different bank fees and rates. They maximize revenue and minimize risk, and that's what the institutions are geared toward, that's what they're in business for, like it or not.
Greg McBride
But how the borrower performs after taking out the loan isn't' the best indicator of what's to come. The peak for delinquencies and defaults comes between years three and five.
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That could really crimp consumer spending and hold back economic growth.
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In a rising interest rate environment, there's very little justification for holding on to credit card debt. It should almost always be the primary focus of your debt reduction efforts.
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To be able to lock in those kinds of returns without risk is attractive to investors at a time when bond investments are lucky to be break even.
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Based on Topics: Debts QuotesBased on Keywords: fixed-rate, jockeying, low-rate
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