economy
The Fed just paused interest rates again. Here are 3 affordable ways you can still borrow money.
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TL;DR
- The Federal Reserve has paused interest rates for the fourth consecutive meeting.
- Inflation above 4% and rising energy prices suggest the next Fed move might be a rate hike.
- Borrowers looking for affordable options can consider HELOCs, home equity loans, and personal loans.
- HELOCs offer flexible access to funds with average rates around 7%, significantly lower than credit cards.
- Home equity loans provide predictable fixed rates, currently averaging about 6.98%, for lump-sum borrowing.
- Personal loans are unsecured but offer fixed rates (under 12.3% on average) as a more affordable alternative to credit cards, especially for those with good credit.
- While credit card APRs and many other loan rates remain high, these three options present more cost-effective borrowing solutions.