Interest Rates

Man, it sure seems like all the interest rates are heading in the wrong direction! My credit card interest rates keep creeping up through no fault of my own, and the interest rates on my savings accounts are dropping like rocks. When I signed up with ING, they had a 3.0% interest rate, and they’re now at 1.65%. Recently, I decided to sign up for an account with FNBO Direct who was advertising a rate of 2.60%. By the time my account was fully opened, it was at 2.40 (sorry to all the current customers, the rate drop is clearly my fault!). I hadn’t planned on chasing a good interest rate, but with the way things are going, today I withdrew my car insurance money from the ING account and will send it over to FNBO to wait until that bill is due. I try not to spend a lot of time worrying about the economy because all I can do is all I can do, you know? But I still can’t help but wonder where it stops…

One Response to “Interest Rates”

  1. Heather Says:

    I LOVE that debt progress widget!! I want one! LOL

    Did you hear that some credit card companies are jacking their rates too? Not because you defaulted or anything, but because they have raised their minimum payments from 2% to 5% and if you cannot send the 5%, then wham, you get hit with 28%+ interest. Also, if you CC raises your rate like that, the others can follow suit and raise theirs too. What a great time to get debt free

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