Wallet Wednesday: Understanding & reacting to interest rate increases

MYRTLE BEACH, SC (WBTW) – Scott Pyle with Pyle Financial Services joined News13 NOW at 9 a.m. on Wednesday for a monthly “Wallet Wednesday” interview. Pyle provides a reminder of ways increased interest rates affect people. This year the Federal Reserve has increased the interest rate twice, and more increases are expected.

So now is a good time to refinance debt and lock in interest rates before they rise again, Pyle said. Interest rates may also help people make more money in their savings and other banking, so shop around to see if better rates are available for you to earn more interest on your accounts, Pyle said.

Investments can also be affected by interest rates. For example, stock and other equities may see positive effects, while fixed income such as bonds may not fair well as interest rates increase.

Watch the video for a recap of Pyle’s information to consider.