As the Federal Reserve gears up to make its first interest rate cut in four years at its meeting tomorrow, LendingTree chief credit analyst Matt Schulz joins Wealth! to discuss how easing rates can impact everything from your credit card to auto loan. Schulz notes that the Fed lowering rates is "not really going to have much of an impact right off the bat." However, consumers can negotiate for a lower credit card rate, explaining that three out of every four people who call their credit card issuer and do receive one. He adds that the average reduction is about 6 percentage points, which is "way more than the Fed is ever going to do even fully at the end of this." When it comes to auto loans, Schulz encourages consumers to shop around to get lower rates: "Wherever you look, chances are outside of the dealership you're going to get a better rate than you would at the dealer, again, independent of what the Fed does." While interest rates remain high, he explains that Americans can still take advantage of high-yield savings account, noting that they will get a significantly better rate than a traditional savings account at a traditional bank.
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