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June 6, 2022 • By Kevin Alvarez

Living in a Changing Rate Environment: How the Fed’s interest rates effect you

The Federal Reserve Systems (The Feds) job is to strategically change rates to accommodate the economic well-being of the nation. Their job is to keep the nation afloat by raising or lowering the cost of borrowing money.  When the economy starts to grow too fast, which is what’s happening in today’s environment, the Fed may decide to raise rates in hopes that consumers slow down on borrowing.

These higher interest rates make loans more expensive.  This strategy encourages consumers to postpone any projects that involve financing and simultaneously encourages people to save money so they can earn higher interest. While higher interest rates may be bad for borrowers, they are great for anyone with a savings account, as these rates tend to increase as well.

Here we’ll discuss a few ways the Fed’s changing rates directly impact you and your borrowing needs.  But, as with everything, with the bad there also comes the good.  We’ll also show you ways to take advantage of rising deposit rates.

The Borrowing Impact on You:

  1. Mortgages and HELOCs (Home Equity Line of Credit) — While fixed-rate mortgages are not directly impacted by the Fed, they may have some influence on their rates.  If you already have a fixed-rate mortgage, nothing to worry about here – you’re locked in.  However, variable rate mortgages and HELOCs are tied to the Prime rate, meaning those will rise along with the fed funds rate.
  2. Auto Loans — You might find that auto loan rates are on the rise too.  Auto loan rates are dictated by the time of year, the type of vehicle, the borrower’s credit score and more. But the Fed sets the benchmark rate on which auto loan lenders base their rates.
  3. Credit Cards – Most credit cards charge a variable rate, meaning the rate can “vary” based on the Prime rate.  So, when the Fed increases its rate, variable rates tied to Prime also increase.  This can mean significant increases in your minimum payments each month.  Unlike most credit cards, SafeAmerica’s Visa Platinum Rewards credit card has a fixed-rate, so your rate will not adjust.

Now Is The Time To Focus On Saving

There is some positive news in all of these rate changes.  Savers tend to benefit from Fed rate hikes. Financial institutions will typically adjust their APYs (Annual Percentage Yields) in hopes to encourage more money on deposit with them.  A win for you!  Now would be a great time to look around for higher-yielding savings accounts as well as share certificates so you can start to earn more.

We’ve recently increased some of our certificate rates.  To see our rates, click here.

What's SafeAmerica Doing With These Rate Adjustments?

“The recent rate increases from the Federal Reserve are an effort to alleviate the financial pressures brought forth from recent years. While it may seem worrisome, it is a sign of returning to “normal”. You can rest assured knowing that your credit union will begin to accommodate the rate increases in the form of leveraging higher-yield rates for our savings products.”

-Tom Graves, President & CEO of SafeAmerica Credit Union

Our team here at SafeAmerica Credit Union is closely monitoring and following the Feds rate adjustments as they come.  Our number one goal is to continue to provide you with the most competitive rates in our area.  As such, we look closely at our peers to assure we remain competitive, giving you the best rate we can.  We understand these borrowing rate hikes have tremendous impact on you.

If you are ever in need of financial assistance, we encourage you to reach out to our financial wellness program, GreenPath Financial Wellness.  They can help with anything from credit counseling, budgeting, or just financial education.  For more information click here


GreenPath Financial Wellness

Sources: Bankrate.com, Forbes.com

July 21, 2021 • By Kevin Alvarez

Free Webinar: Family Lessons About Money

Register Now

This free, one hour webinar about Financial Transformation is presented by GreenPath Financial Wellness

Join us for a lively discussion about tips, challenges, and resources needed in order to raise financially healthy kids. Be part of our audience for our live podcast, Real Stories: Journeys of Financial Wellness. Our panel will feature GreenPath clients who are inspiring their children to be financially resilient. We'll also chat with Professor Bernard Dillard. Come along with GreenPath Financial Wellness for an enlightening session on how we might support the next generation in their financial in their financial wellness journeys.

Who should attend

  • Parents who would like to learn from others' experiences about kids and money
  • Anyone who wishes to mentor a young person about money
  • Teens or young adults who wish to jump start family conversations about money

What You'll Learn

  • How to communicate with your kids about money
  • How to overcome family financial challenges
  • About resources to share with your family and community

Details

Date: Wednesday, July 28, 2021

Time: 10:00 am PST - 11:00 am PST

Register Now
GreenPath Financial Wellness

May 5, 2021 • By Kevin Alvarez

Free Webinar: Buying a Home in a Seller’s Market

Register Now

This free, one hour webinar about money concepts is presented by GreenPath Financial Wellness

Do you have a financial wellness goal of becoming a homeowner? With interest rates at a record low, you are not alone. Let us help you navigate this important milestone during a seller's market. The goal is for you to secure a good home, without jeopardizing your financial future.

What You'll Learn

  • What is important to most sellers in today's real estate market
  • The realistic timeline of how long buyers, lenders, and other real estate professions may impact the home buying process

Who should attend

  • Those providing guidance to home buyers (real estate agents, housing counselors, parents, grandparents, etc.)
  • Potential home buyers
  • Lenders

Details

Date: Wednesday, June 23, 2021

Time: 10:00 am PST - 11:00 am PST

Register Now
GreenPath Financial Wellness

September 22, 2020 • By Kevin Alvarez

5 Tips for Managing Your Finances Through COVID-19 and Beyond

Information brought to you by our partner, Greenpath Financial Wellness

There’s a lot to get used to in these challenging times. As the pandemic crisis continues, and many are dealing with financial uncertainty—from an income reduction to total job loss— it can be hard to know how to move forward.

Having a defined set of options and a clear understanding of your finances not only helps to better prepare you for the future, but can also make you feel more confident and less stressed about factors outside of your control.

To help you navigate these difficult times, we’ve partnered with trusted non-profit GreenPath Financial Wellness to provide you with some guidelines for managing your finances in times of uncertainty:

1. Prioritize your bills

Changes to our financial lives can often result in stress and mental fatigue, making decisions even more challenging. We have a natural tendency to avoid choices that feel like we are giving something up. Instead, we may try our best to take each day as it comes without a plan.

Getting the most important bills paid first is the most important thing in a time of crisis.

If you are one of the millions of Americans who have enrolled in a forbearance program (programs placing a temporary pause on payments toward credit cards, mortgages and other loans), it’s important to think about how (and when) you will pay these bills as these programs come to an end.

2. Start a Budget

Many people find that the journey to financial wellness is smoother when they take the time to create a budget. It might sound complicated, but there is a way to break down the process.

The number one key to setting your budget? Creating a spending plan. A spending plan can help you to:

  • Figure out how much money you have
  • Understand how much money you need to set aside each month for bills and expenses
  • Setup a plan to meet your financial goals

3. If you’re having trouble paying off credit card debt, consider a Debt Management Plan

Credit cards are important tools for the majority of people, especially in times of financial challenge—but it can be all too easy to spend over your means, and if you have high interest rates on your credit cards, debt can add up quickly.

If you want to get out of debt and get your finances on track, you may find debt relief through GreenPath’s Debt Management Plan (DMP). A DMP is designed to pay off the entire amount that you owe, usually within three to five years. It can help you pay off credit card debt faster and save money on interest charges.

4. Build up an emergency fund (no matter now small)

Never in a million years would you have made a specific financial plan expecting a new virus to disrupt the global economy or your paycheck. Unfortunately, our savings accounts do feel the ripple effect of larger-than-life forces and events across the globe. Preparing yourself for a financial setback, such as an unexpected loss of income, can set you up to handle it with less stress and bounce back more quickly. It is especially helpful to think about these plans at a time when things feel “normal,” so that we get the full advantage of perspective on a potentially frightening and stressful event.

5. Connect with the Financial Counselors at GreenPath

If your finances have been affected by COVID-19, our partners at GreenPath offer free consultations and guidance to help people manage debt, save money, and meet their financial goals.

As a SafeAmerica member, you have access to GreenPath Financial Wellness that offers:

  • Free Financial Counseling
  • Debt Management Programs
  • Housing Services
  • Credit Report Review
  • Student Loan Counseling

We invite you to explore your options and begin your journey towards a financially healthy life with the help of GreenPath Financial Wellness—just one of the many benefits of being a member of SafeAmerica Credit Union.

Learn More

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