Here are 4 key money moves to make in an uncertain economy, according to financial advisors.
. Those annual percentage rates will keep climbing, too, as the Fed continues raising its benchmark rate.
"For so long we've been pretty spoiled in the markets," Peters said. In some cases, it used to make financial sense to tap cheap credit for a larger purchase, rather than withdrawing money from a savings or investment account. Now, "we need to reverse our way of thinking." Consider this: "If you have a loan with an interest rate of 6% and you pay the principal down on the loan, it is almost the same as getting a 6% return on your money in the markets," he said.
If you currently have credit card debt, "grab one of the zero-percent or low-rate balance transfer offers," McBride advised. Cards offering 15, 18 and even 21 months with no interest on transferred balances are still widely available, he said.Once you've paid down debt, Peters recommends setting some money aside in a separate savings account for"Online savings accounts can be a way to earn money in times when other investments may not be returning well," he said.
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