Latest News

With another Fed rate hike imminent, it’s time to take action. 5 things to do to protect your finances

S&P 500




Dow 30








Russell 2000




Crude Oil
















10-Yr Bond
















CMC Crypto 200




FTSE 100




Nikkei 225




With another Fed rate hike imminent, it’s time to take action. 5 things to do to protect your finances

Federal Reserve Chairman Jerome Powell is laser-focused on bringing down inflation, using the best tool he has at his disposal — raising interest rates.

Don’t miss

Americans are facing a recession — what should buyers be doing in this housing market?

You could be the landlord of Walmart, Whole Foods and Kroger (and collect fat grocery store-anchored income on a quarterly basis)

What do Ashton Kutcher and a Nobel Prize-winning economist have in common? An investing app that turns spare change into a diversified portfolio

And while President Joe Biden is optimistic about August’s inflation numbers, the combination of high inflation and rising rates has millions of Americans feeling the pinch.

It gets worse. Consumers shouldn’t expect that pinching sensation to ease up anytime soon. In fact, with another rate hike a near certainty next week, that feeling may soon become even more acute.

Here are five money moves you may want to jump on before rates rise again.

1. Deal with your debt

While the Fed raises rates, lenders follow suit. Some types of fixed-rate loans will take a while to go up, but you should expect variable rates like credit cards or home equity lines of credit (HELOCs)]( to be impacted immediately.

That means the interest on your already expensive credit card will essentially go up overnight.

Although many households took the time to pay down their balances over the pandemic, outstanding balances are back on the rise. Outstanding credit card balances increased by $570 million between the first and second quarters of this year, according to Federal Reserve data.

If you’ve been relying on your credit cards to make ends meet or overspent lately, the expensive interest is going to add up quickly, which means paying down your debt should be a top priority — or it’ll cost you even more.

2. Work on your credit score

Improving your credit score is worth the effort whether you want to get a loan quickly in the next month or two before rates go up or you need to borrow later.

Boosting your credit score a few hundred points will make you a more attractive borrower to all types of lenders — from credit-card issuers to those offering mortgages.

You may need to take steps to improve your score to make sure you’re able to borrow at favorable rates once the Fed starts tightening credit. Checking for errors is a good place to start.

3. Trim your monthly expenses

With inflation still stubbornly high, it’s a given that everything costs more these days.

And while raising interest rates is the Fed’s best tool in fighting inflation, it does mean you don’t get a break on anything from your debt to your dinners out.

Energy, food and fuel are both huge contributors to the high inflation rate. As much as possible, cut down on your bills at the gas pump and the grocery store.

Next, go through your budget and see if there are any items you can cut: cancel streaming subscriptions you’re not using, have date nights at home and call up your service providers to see if they’ll offer you a cheaper rate.

Better yet, with insurance for example, if you haven’t looked around at your options in the last six months, it may be time to shop around for a better deal — it could save you hundreds over the year.

4. Look for investing opportunities

If you have the appetite for a little risk, you could put more of your money into investments. While the stock market has fallen considerably from its record-breaking highs during the pandemic, the recent dip offers investors thinking of the future a great opportunity.

If you’re not retiring for a decade or two (or maybe three), then a bear market offers an opportunity to acquire what would’ve been an expensive portfolio for much less.

But if you’re unable to risk your principal or you’re apprehensive about the wild stock market swings lately, read more about alternative investments that aren’t beholden to the market’s ups and downs.

5. Ask for help if you need it

Managing your money doesn’t have to be complicated, but it can be confusing. And there’s no better time to call for backup than when it feels harder to accomplish your financial goals on your own.

Working with a financial adviser can help you get your priorities straight and ensure you’re on track for both your long-term and short-term goals.

You also don’t have to commit to a long-term relationship if that doesn’t suit you — flat-fee, or fee-only, advisers can help you develop a plan for a set price and leave you to it if you just want a professional to point you in the right direction.

What to read next

Sign up for our MoneyWise investing newsletter to receive a steady flow of actionable ideas from Wall Street’s top firms.

Warren Buffett likes these 2 investment opportunities outside of the stock market

‘Imagine you are laid off’: Suze Orman’s tough-love tips to prepare for the recession ahead

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.



Can the Fed tame inflation without crushing the stock market? What investors need to know.

Investors are getting spooked that the Federal Reserve’s possible large interest rate hikes next week could further damage U.S. stocks, but there is no hope for the central bank to step in with their “put” to rescue, according to two chief investment officers on Wall Street.

Cash Is No Longer Trash. T-Bill Yields Near 4%.

Surging yields don’t just benefit seniors and savers. They help companies like Berkshire Hathaway, Apple, Alphabet, and Microsoft sitting on tens of billions in cash.

Yahoo Finance

Don’t expect gas prices to go much lower

Turbulence is brewing again in oil markets, as the Ukraine war enters a dangerous new phase and Vladimir Putin gets more desperate for leverage.


China and India among SCO states urging ‘balance’ in climate approach

Leaders of the Shanghai Cooperation Organisation called for a “balance” between reducing carbon emissions and allowing poorer states to catch up with economically developed countries in a joint statement on climate change adopted on Friday. In the statement, the heads of some of the world’s biggest emitters – including China, India and Russia – said they unanimously recognised the negative consequences of climate change and the need for urgent action, but called for increased investment in oil and gas production and exploration. The group also slammed “coercive measures” to force countries into reducing emissions at a set pace, saying countries “have the right to independently set national goals in the field of climate change prevention”.


Threats To Buy Now Pay Later Firms May Be Overstated, Analyst Says. Buy This Stock After The Selloff

Mizuho analyst Dan Dolev recommended buying shares of Affirm Holdings, Inc (NASDAQ: AFRM) on yesterday’s weakness and reiterated a Buy rating on the name with a $42 price target. The U.S. Consumer Financial Protection Bureau looked to regulate “buy-now, pay-later” companies like Klarna and Affirm following concerns that their fast-growing financing products are harming consumers. CFPB director Rohit Chopra disclosed that the CFPB would issue guidance or a rule to align sector standards with cred

American City Business Journals

TD Bank dethrones Wells Fargo as Philadelphia region’s largest retail bank

Wells Fargo has been the Philadelphia region’s largest deposit taker for more than 20 years due to a series of acquisitions in which its local brand changed from CoreStates to First Union to Wachovia and then Wells Fargo.

During Recessions, These Dividend Stocks Can Be Your Bread and Butter

One area we believe will perform well even in an economic downturn is the food industry, which is full of blue chip stocks that have performed well in several recessions, thanks to their strong business models that have allowed for decades of dividend growth. In business since the late 1800s, Hormel has always focused on pork products, which separated it from its peers. For example, Hormel produced the world’s first canned ham in 1926.


Silver is outperforming gold this month, and that’s just the start

Silver has underperformed gold this year, but that could soon change as a scarcity in the silver market develops, lifting prices along with it, says Keith Weiner, founder and president of Monetary Metals.

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News