Lifestyle
How the Interest Rate Hike is Impacting Personal Loan Borrowers
Last Updated on November 15, 2024 by Daily News Staff
NEW YORK (Newswire.com) – Credello: To combat inflation, the Federal Reserve (“The Fed”) has raised its benchmark interest rates to levels not seen since the Great Recession. While these hikes are great for savings accounts and CDs, those considering getting a new personal loan are experiencing sticker shock at the new rates.
I already have a personal loan, is my interest rate increasing?
It depends on the type of loan you have.
Most unsecured loans that are already active and fixed-rate will not incur any interest rate changes. This goes for personal loans, consolidation loans, signature loans, etc. However, missing payments or defaulting on a signature loan or other unsecured loan could make you incur new interest rates as a penalty for the duration of the loan or until you’re back in good standing. Check your loan’s terms and conditions for details on what you should expect if you fall behind on payments.
Secured, fixed-rate loans like mortgages also shouldn’t see any change to their interest rates. Again, this is only if you stay in good standing with the lender so it’s critical you know the terms you’ve agreed to for your loan regarding when you could expect a change in your rate.
Variable-rate loans, both secured and unsecured, are loans that have fluctuating rates based on The Fed’s benchmark rate. These are the loans that will most likely be affected by the increases made by The Fed.
How can I tell what type of loan I have?
Knowing the type of loan you have is critical for determining not only how much you’ll pay in interest but how your loan is affected by market conditions. The easiest way to determine which type of personal loan you have, or are applying for, is to check the terms. However, there are a few quick ways to determine which loan you have (or could get):
1. Do you have to put any collateral up to get the loan? These are considered secured loans. The most popular types of secured loans are auto loans and mortgages. Unsecured loans don’t require any kind of collateral and are often what you’ll see for personal loans, signature loans, etc.
However, don’t group all unsecured loans together as there are some significant differences between signature loans and personal loans you need to be aware of before applying.
2. Do you only see one interest rate listed? Typically, this means your loan is (or will be) a fixed-rate loan. However, check to see if there are any asterisks or fine print that specifies whether this could change.
3. Is it a credit card? Credit cards are unsecured, variable-rate ways to borrow money and will be affected by Fed rate hikes. There are some secured credit cards, too, and are also variable-rate.
A few tips to avoid interest rate increases
1. Look for promotional consolidation offers. Many lenders offer promotional rates that last for a limited time. Consolidating your debt into one loan can lower your interest rate, too.
2. Shop around. Rates can vary significantly from lender to lender, so compare rates before settling on a plan.
3. Make a payment plan. If you’re not able to pay off your entire balance each month, making payments on time will help keep your interest rate lower and extend the life of your loan.
4. Pay more than your minimum payment every month. Even an additional $5 payment will help you avoid getting hit with higher rates that take longer to pay off.
The bottom line
Knowing your personal loan type and interest rate is key in determining how your loan will be affected by The Fed’s interest rate hikes. Stay up to date on the terms of your loan to ensure you’re not hit with unforeseen penalties or rates.
About Credello
Credello is a financial tech company offering a personal finance tool that simplifies financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence. Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com.
Source: Credello
Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
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Last Updated on May 13, 2026 by Daily News Staff
A Healthier, Greener Home: Eco-Friendly Cleaning Hacks
(Feature Impact) Keeping your home clean doesn’t have to mean filling your cabinets with harsh chemicals or single-use cleaning products. In fact, some of the most effective solutions may already be in your pantry.
By swapping a few everyday products for simple, eco-friendly solutions, you can clean effectively, save money and make your home a little greener. If you’re looking to reduce waste, cut back on toxins and simplify your cleaning routine, natural ingredients like vinegar, baking soda and lemon can deliver results while also being safer for your home – and the environment.
Make Your Own All-Purpose Cleaner
Instead of buying multiple cleaners for different surfaces, try a DIY solution that works in many areas of the home. In a spray bottle, combine 1 cup white vinegar, 1 cup water and 10 drops of the essential oil of your choice – such as lemon, lavender or tea tree – then use it on countertops, sinks, glass and other surfaces to curb grease and grime. Avoid using vinegar-based cleaners on natural stone like granite or marble, however, as its acidity can cause damage.
Let Baking Soda Do the Scrubbing
One of the most versatile eco-friendly cleaners around, baking soda acts as a gentle abrasive that helps lift stains without scratching surfaces. Simply sprinkle baking soda onto sinks, bathtubs, cookware, stovetops or tile grout then scrub with a damp sponge or cloth for a sparkling clean finish.
Freshen Carpets Naturally
Carpets and rugs can trap odors, but a DIY deodorizer made of 1 cup baking soda and 10-15 drops of the essential oil of your choice can replace chemical sprays and keep floor surfaces smelling fresh. Just sprinkle across the carpet, let sit for 15-20 minutes then vacuum.
Use Lemon to Cut Grease and Stains
Lemon juice is a powerful natural cleaner due to its acidity and antibacterial properties. It can leave behind a fresh scent when used to clean cutting boards, remove soap scum and water spots or deodorize garbage disposals. For stubborn grime, mix lemon juice with baking soda to create a paste that can tackle tough surface stains.
Naturally Deodorize Drains
If your kitchen sink smells unpleasant, skip the harsh chemical drain cleaners. Pour 1/2 cup baking soda down the drain then add 1/2 cup white vinegar. Let the mixture fizz a few minutes then flush with hot water to help loosen buildup while neutralizing odors.
Polish Stainless Steel with Pantry Staples
Remove grimy fingerprints and give stainless steel appliances a streak-free shine with a simple mixture of 1 tablespoon white vinegar and 1 tablespoon olive oil.
Find more DIY, eco-friendly cleaning tips and tricks at eLivingtoday.com.
Photo courtesy of Shutterstock
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Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
Food and Beverage
Balance Your Plate with Produce, Protein and Whole Grains
Making health-conscious decisions with your at-home menu doesn’t have to be complicated, but it does require commitment and a little more foresight at the grocery store. Simple adjustments to overall eating patterns, like building your plate around produce, powerful proteins and whole grains, can encourage better health.
(Feature Impact) Making health-conscious decisions with your at-home menu doesn’t have to be complicated, but it does require commitment and a little more foresight at the grocery store. Simple adjustments to overall eating patterns, like building your plate around produce, powerful proteins and whole grains, can encourage better health.
Nutritious meal-planning can be easy, affordable and delicious – and it all starts with a little balance. Consider this advice from the American Heart Association’s Healthy for Good initiative, nationally sponsored by the Egg Nutrition Center, to adequately round out a healthy plate.
Fill Half Your Plate with Fruits and Veggies
Loaded with nutrients, fresh produce is a perfect place to start each plate. Fill about half your plate with combinations of bananas, strawberries, blueberries, sweet potatoes, peas, carrots and more of your favorites. To boost variety with each meal, look for fruit and veggie blends or step out of your usual routine and try something new.
Grocery tip: Frozen fruits and veggies are often cheaper and just as delicious as their fresh counterparts. It’s frozen right after it’s picked, locking in freshness for a longer shelf life. Just be sure to avoid products with added salt or sugar.
Carve Out a Quarter of the Plate for Powerful Proteins
Healthy food isn’t just fuel. It should be easy and nourish you, too. Look for versatile solutions that provide a protein power-up like skinless chicken breast, no-salt-added beans, low-sodium tuna, tofu or eggs.
High-quality protein from foods, along with a balanced diet and regular exercise, can help support the muscles in your body. Eggs are an example, along with lean animal protein and some plant-based proteins. According to the American Heart Association’s guidelines, healthy people can include up to one whole egg daily, and up to seven per week, as part of a heart-healthy diet. For older adults with normal cholesterol, two eggs per day is acceptable.
Eggs deliver both protein and choline, nutrients that help support growing brains and bodies, especially early in life. In fact, many Americans don’t get enough choline, a critical nutrient for supporting brain development, memory and mood.
Grocery tip: Stock up on proteins that offer both versatility and affordability, helping you cook multiple meals per week without putting a dent in your wallet. Eggs are a perfect example as they can be used at any meal, not just breakfast – try them in wraps or omelets in the morning, hard-boil them to go with a lunchtime salad or add to a frittata at dinner.
Save a Corner for Whole Grains
Finally, fill that last quarter of the plate with ready-to-go whole grains, many of which provide dietary fiber that can support a healthy heart and healthy digestion. Conversely, most refined grains contain little or no fiber.
Examples of whole grains include barley, brown rice, corn, oatmeal, rolled or steel-cut oats, popcorn, quinoa, sorghum and wild rice, along with products labeled “whole grain” or “whole wheat” like bread or pasta.
Grocery tip: Look for whole grains that can make mealtime a cinch. Corn tortillas, instant oats and even popcorn can help you create nutritious plates and better-for-you snacks with the snap of your fingers. Try keeping packets of pre-cooked brown rice on hand to bulk up favorite dishes or toss with leftovers to round out a healthy plate.
Visit Heart.org to discover more nutrition guidance for heart-healthy meals.
3 Tips to Complement a Healthy, Balanced Plate
Nutrition isn’t just about what’s on your plate – it’s also about what’s next to it and how much is on it. Pair a balanced meal with this advice to help take healthy eating to the next level.
Stay Hydrated
If it’s not already a habit, add a glass of water to each meal. Staying hydrated helps your heart pump blood throughout the body, get rid of waste and regulate body temperature. While water is the best source of hydration, water-rich foods like fruits and vegetables can also play a role.
Watch Portion Sizes
Pay attention to suggested servings from your favorite food groups. For example, one slice of whole-grain bread, 1/2 cup of cooked pasta and two ounces of cheese (about the size of a domino) are the suggested serving sizes for these popular foods.
You can serve and eat smaller portions by:
- When cooking at home, offer the proper serving size to each family member then put extra food away for leftovers.
- When dining out, skip appetizers and split your meal with a friend or partner.
- Avoid eating while watching TV or at your computer. It may be harder to control how much you’re eating if you’re not paying full attention.
- Mindfully measure out your snacks – even fruits and veggies – into appropriate portions before serving instead of helping yourself directly from the bag or box.
Limit Salt
While sodium supports vital functions like controlling your body’s fluid balance, excess sodium in your bloodstream pulls water into the blood vessels, increasing the amount of blood inside them and thus increasing blood pressure. More than 70% of the sodium people eat comes from packaged, prepared and restaurant foods due to salt added for flavoring, stabilizing, preserving and reducing bacterial risk, according to the American Heart Association.
Cutting back on sodium can help reduce the rise in blood pressure that occurs as you age, even if you don’t have high blood pressure now. It may also help reduce the risk of heart attack, heart failure, kidney disease and more.
Try cooking more meals at home where you can control sodium intake, flavoring foods with herbs and spices instead of table salt and rinsing canned beans and vegetables to wash away excess sodium.
Photo courtesy of Shutterstock (family preparing meal)
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Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
National Parvo Awareness Day
(Feature Impact) April 28, 2026, marks the third annual National Parvo Awareness Day, aimed at bringing awareness to this devastating and often-fatal virus. Canine parvovirus (parvo) is a highly contagious and potentially fatal disease that can affect dogs of all ages, though it is particularly dangerous for unvaccinated puppies.
Early detection is the key to survival. As pet owners, recognizing the signs can save a life. Common symptoms include severe lethargy, loss of appetite, abdominal pain, and persistent vomiting. One of the most critical warning signs is severe, often bloody, diarrhea. If your dog exhibits any of these symptoms, it is imperative to act immediately – every minute counts.
Ask your veterinarian about Trutect™ if your dog is diagnosed with parvovirus. Trutect™, formerly Canine Parvovirus Monoclonal Antibody, is the only USDA-approved treatment for parvo.
While vaccination remains the cornerstone of prevention, knowing the symptoms and seeking rapid veterinary care is essential. This National Parvo Awareness Day, let’s work together to protect our pets.
Learn more at StopParvo.com.
Watch the video below:
PM-US-26-0651
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Our Lifestyle section on STM Daily News is a hub of inspiration and practical information, offering a range of articles that touch on various aspects of daily life. From tips on family finances to guides for maintaining health and wellness, we strive to empower our readers with knowledge and resources to enhance their lifestyles. Whether you’re seeking outdoor activity ideas, fashion trends, or travel recommendations, our lifestyle section has got you covered. Visit us today at https://stmdailynews.com/category/lifestyle/ and embark on a journey of discovery and self-improvement.
