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
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child education
Where Curiosity Builds Trade Skills: 5 Ways to Help Kids Discover the Skilled Trades
Help Kids Discover the Skilled Trades: Parents, educators and mentors can encourage young people to broaden their horizons as they plan their futures and build awareness around careers in the skilled trades with these tips.
Where Curiosity Builds Trade Skills: 5 Ways to Help Kids Discover the Skilled Trades
(Feature Impact) Most students hear questions about what they want to be when they grow up. By the time their middle and high school years arrive, they’re often starting to consider their answers more in depth. Conversations with adults can help shape their awareness of and interest in various career paths, including skilled trades.
When they’re provided with opportunities to learn, build, experiment and solve problems, young people can discover whether their talents and passions are a good fit for a career in the trades. Programs likePath to Pro Skills Explorers, launched by The Home Depot in partnership with Scouting America and Boys & Girls Clubs of America, provide free, accessible ways to introduce students to options like the plumbing, construction and electrical fields, as well as content on leadership and soft skills.
Parents, educators and mentors can encourage young people to broaden their horizons as they plan their futures and build awareness around careers in the skilled trades with these tips.
Start Career Conversations Early
Choosing a career path doesn’t have to be one intimidating, life-changing moment. Parents and mentors can normalize career conversations by starting them early and keeping things casual. Opening the dialogue sparks curiosity about the activities kids enjoy and allows them to start connecting those interests to potential career paths. To get started, set kids up with access to online programs, videos and introductory courses so they can explore a variety of possibilities.
Turn Curiosity Into Hands-On Learning
For many students, learning by doing is the most satisfying way to test, improve and build skills. Instead of only reading textbooks or listening to instructors, offer them the chance to follow a plan, work with different materials, troubleshoot problems and build something tangible. Young people considering hands-on careers need hands-on practice to develop confidence and adaptability. Take the first step by researching online resources and local opportunities for classes, job shadowing or even apprenticeships.
Recognize the Skills Kids Are Already Building
Skilled trades aren’t just about knowing which wires to connect or what tool to reach for. They also rely on a variety of soft skills like communication, patience, critical thinking, time management, attention to detail and more. When kids demonstrate these traits, point them out and encourage them. Take opportunities to let them experiment with hands-on projects, whether they want to try building a treehouse, repairing a bike or tinkering with technology.
Expand Views of Career Pathways and Success
The road to success is more like an intersection. Let young people know there are many pathways to fulfilling careers and futures, and while the traditional college-to-career plan can still be a viable option, it isn’t the only one. Skilled trades offer competitive salaries, job security and the opportunity to learn hands-on skills that will always be in demand. Even in a world where technology is rapidly changing many career fields, it takes skilled workers to replace roofs, repair electrical systems, fix sewer lines and lead disaster recovery efforts.
Find Programs That Make Skilled Trades Exploration Accessible
There is a gap between labor supply and demand in the trades, and it’s only widening as older generations approach retirement age. Programs like The Home Depot’s Skills Explorers are designed to empower young people to step into these roles by providing a mix of online resources and hands-on activities to explore viable career paths. As a key part of a commitment by The Home Depot and The Home Depot Foundation to deliver 15 million introductions to the skilled trades by 2032, the program offers an accessible, no-cost curriculum for youth education groups to learn what it’s like to work in these important fields.
“For years, The Home Depot and The Home Depot Foundation’s Path to Pro program have helped separating military, career changers and others build pathways to the trades,” said Michael Rowe, executive vice president of Pro for The Home Depot. “We know that closing the skilled labor gap starts much earlier. We need more young people to see what’s possible and understand the lucrative opportunities these careers provide.”
Visit pathtopro.com/skills-explorers to access the free curriculum and discover how to bring hands-on skilled trade exploration to students.
SOURCE:
🔧 Curiosity today can become a skill for tomorrow. Giving kids opportunities to build, fix, create, and explore trades at an early age can turn natural curiosity into confidence, practical skills, and even inspiration for a future career. Whether it’s woodworking, automotive repair, cooking, electronics, or construction, hands-on learning shows kids that there’s more than one path to success. Visit: https://stmdailynews.com/lifestyle/
health and wellness
The Oral and Cardiovascular Health Connection: 4 Tips to Protect Your Teeth, Gums and Heart
People often think of dentists and doctors as totally separate healthcare professionals: one cares for your teeth and mouth while the other handles the rest of the body. In reality, the different systems in the human body are closely interconnected and oral health is no exception, making dentists a vital part of your healthcare team. Care for your teeth, gums and heart all at once using these tips.
(Feature Impact) People often think of dentists and doctors as totally separate healthcare professionals: one cares for your teeth and mouth while the other handles the rest of the body. In reality, the different systems in the human body are closely interconnected and oral health is no exception, making dentists a vital part of your healthcare team.
Oral health and heart health have a particularly close connection, with inflammation at the core of it. When your gums are inflamed, the resulting bacteria can make their way from your mouth through your bloodstream, potentially contributing to your blood vessels constricting or becoming blocked. This, in turn, may force your heart to work harder and raise your blood pressure, putting you at risk of heart disease and stroke. More than 46% of adults in the U.S. have high blood pressure, and more than 40% of adults age 30 and older are affected by periodontal (gum) disease.
To help address these issues, the American Heart Association’s Healthy Smiles, Healthy Hearts initiative, in collaboration with Delta Dental of California, is encouraging dental teams to take a total-body perspective with their patients. Simple steps like blood pressure screenings during checkups can give a more complete picture of a person’s overall health. If a member of your dental care team pulls out a blood pressure cuff at your next appointment, it’s a good sign.
“The mouth is a gateway to the body and can often reveal more about your total body health than you may think,” said Daniel Croley, D.M.D., chief dental officer at Delta Dental of California and Affiliates. “Oral health professionals have a powerful opportunity to integrate more into their patients’ collective health care team beyond protecting their patients’ teeth By connecting oral health and heart health, this initiative helps dentists identify risks early and guide patients toward care that can improve and even save lives.”
Care for your teeth, gums and heart all at once using these tips from experts at the American Heart Association.
Follow a Brushing and Flossing Schedule
Good dental health starts with a daily routine. If you don’t want to sheepishly cringe next time the dentist inquires about yours, brush at least twice a day and floss at least once a day to disrupt plaque-forming bacteria. Dentists recommend using toothpaste with fluoride and brushing your teeth and gums thoroughly yet gently, as applying too much pressure can wear away enamel and cause gum recession.
Eat a Healthy Diet and Limit Sugar
Most kids are used to hearing sugar will rot their teeth – and that’s not just a parental scare tactic to get their little hands out of the candy jar. Sugar feeds harmful bacteria in your mouth, producing acid that can cause cavities and gum disease. For a diet your heart and teeth will both appreciate, prioritize vegetables, lean proteins, complex carbohydrates and healthy fats, while limiting added sugars and refined carbohydrates.
Avoid Smoking and Tobacco Products
The connection between smoking and oral disease is well established: smokers face significantly higher risks of developing periodontal disease, losing teeth or being diagnosed with oral cancer. Cigarettes aren’t the only form of tobacco to worry about, either. Vaping, dipping and chewing tobacco can also harm your dental health by drying out your mouth and restricting blood flow to the gums. Since these products are also harmful to heart health, quitting or avoiding them offers plenty of worthwhile benefits. Seek support if you need help to kick the habit.
Communicate with Your Healthcare Team
Since your body’s systems are connected to each other, it’s helpful to talk to your dentist about your blood pressure and to your doctor about your oral health. Start thinking of your dentist as a key member of your integrated healthcare team. Don’t be afraid to share your medical history, discuss the side effects of any medications you’re taking and ask for personalized recommendations on caring for your teeth, gums and overall health.
To learn more about how to improve your oral and cardiovascular health, visit Heart.org/OralHealth.
Photos courtesy of Shutterstock
SOURCE:
5 Habits to Boost Immunity During Cold and Flu Season
(Feature Impact) Your immune system is your strongest ally during cold and flu season, working hard to keep you healthy as you start hearing those telltale coughs and sneezes all around. Help your body do its job well by adopting a few simple habits that naturally support its ability to fight off germs or recover faster.
Talk to your healthcare provider for personalized advice then work on making these habits normal in your household.
Get Regular Exercise
Exercise is like a wonder drug that can improve nearly every aspect of health and wellness. Physical activity increases blood flow, reduces long-term inflammation, helps immune cells circulate through the body to guard against invaders and may even flush bacteria out of your lungs and airways. Plan to fit at least 150 minutes of moderate exercise into each week, like a bike ride, brisk walk, yoga class or on-demand video workout.
Eat Foods That Support Immune Health
To keep your immune system fueled, experts recommend eating a varied diet featuring plenty of fruits, vegetables, nuts, seeds, whole grains and healthy fats like olive oil. Consider adding fresh grapes to your diet to enjoy benefits from their naturally occurring plant compounds.
Protecting the body starts all the way down at the cellular level, and grapes contain powerful polyphenols that support the health and function of cells. Studies indicate certain compounds in grapes, like resveratrol and flavonoids, support immune system function as well as brain, skin, GI and heart health.
These little fruits are easy to add to your diet, whether you enjoy sweet, juicy Grapes from California by the handful or toss them in a blender to make this California Grape Wellness Juice recipe. Support multiple aspects of wellness with the drink’s powerful combination of fruits and vegetables, delivering a variety of immune-boosting vitamins, minerals and antioxidants.
Stay Hydrated
Drinking enough water helps clean your lymphatic system, which is responsible for producing special white blood cells that fight germs. It also keeps membranes in your nose and mouth moist, decreasing infection risk. If you struggle to drink enough, eating water-rich foods like grapes also helps you improve hydration.
Practice Good Germ Hygiene
To increase your odds of staying healthy during peak illness season, hearken back to the tried-and-true hygiene advice your parents might have tried to drill into your head as a kid. Regularly wash your hands with warm water and soap, avoid touching your face while out and about, keep your distance from symptomatic people and disinfect commonly used surfaces like doorknobs when someone in the house or office is sick.
Sleep More, Stress Less
Before you start feeling stressed that you aren’t getting enough sleep, rest assured there are easy changes you can make to support your well-being in both areas. Try switching up your nightly routine to be oriented less around screens and more around calming activities that actually help you wind down, like yoga, meditation or reading.
Discover more health information and recipes at GrapesFromCalifornia.com.
California Grape Wellness Juice
Servings: 3 (1 cup each)
- 5 cups black or red Grapes from California
- 1/2 cup peeled raw beet slices
- 3/4 cup orange juice
- 1/4 cup lemon juice
- 1 small carrot, peeled and sliced
- 1 piece fresh turmeric (1-inch), peeled and sliced or1 teaspoon ground turmeric
- In high-speed blender, puree grapes, beet slices, orange juice, lemon juice, carrot and turmeric until smooth.
- Pour through fine mesh sieve, stirring to extract as much juice as possible, about 3 cups. Stop when mixture starts to get thick. Enjoy immediately or cover and refrigerate until ready to serve.
Notes: This juice can also be added to iced tea or fizzy water.
Nutritional information per serving: 230 calories; 3 g protein; 58 g carbohydrates; 0.5 g fat (2% calories from fat); 0 g saturated fat (0% calories from saturated fat); 0 mg cholesterol; 35 mg sodium; 0 g fiber.
SOURCE:
California Table Grape Commission
