TYLER, TX (KLTV) - Interest rates are rising and while they are still historically low, they are on the move up. What does that mean to most of us?
It means slightly higher mortgage payments on home financing, higher credit card interest rates and fees. So, the cost of money is increasing.
We also hear of credit card skimmers taking a toll on personal finances and then, of course, there is identity theft, which affect millions each year.
Our digital footprint is susceptible and getting more expensive. So, what should you do? Well, most people don’t take advantage of it, but you should check you credit score at one of several sites including Experian, Equifax and Trans Union. These are free once a year and you can spread them out to do the check from a different company every 4 months so you get a good secure report regularly.
This is also a great time of year to plan for better money management in the New Year. Checking your credit cards' interest rates is also a good practice, as rates are increasing which raise minimum payments on credit card accounts. If you don’t check these regularly, you can unnecessarily pay a lot of extra money in inflated interest charges.
So, take a little time to invest your energy into getting a financial health checkup. This is the time of year to do it, and rising interest rates demand more than a casual review. Protecting yourself and your money gives you peace of mind and financial freedom to achieve your goals and that is something we can all shoot for, and makes for a Better East Texas.