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Post by paindahustla on Jan 30, 2008 14:44:34 GMT -5
Sooo...when they say the feds cut the interest rate...
the interest rate on what?
Money handed out by the government?
Would that include student loans? Cuz I'll re-up to get 3% on my student loan interest rate instead of the 6.075% that I am paying now.
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Post by 123Diva on Jan 30, 2008 14:46:38 GMT -5
I am not sure Pain.
What I do know is that each time the Fed has cut the interest rate, the APY on my 'high-yield' ING account has also gone down.
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Post by paindahustla on Jan 30, 2008 14:48:38 GMT -5
u ain't have the fixed rate?
give me the money...I'll give u a high yield.
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Post by Bunny Hop on Jan 30, 2008 14:50:57 GMT -5
isn't this that variable interest rate that's applied to everything and controlled by the gov't? That was probably a bad way of explaining what I meant.  I remember Wells Fargo telling me this when I asked why out of the all the money I sent a big chunk of it didn't go to the balance. I didn't get intrest rates at the time. |
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Post by 123Diva on Jan 30, 2008 14:52:59 GMT -5
u ain't have the fixed rate? give me the money...I'll give u a high yield. A fixed rate? I wish. Isn't that only for CDs? I'm talking about an actual bank account with ING...how would it be fixed? |
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Post by paindahustla on Jan 30, 2008 15:05:27 GMT -5
i hate interest...
I done gave the student loan people...$1,538.02 and my principle has only gone down $338.57.
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Post by QueenOH on Jan 30, 2008 15:22:23 GMT -5
They cut the rate at which let lend money to banks in hopes that the banks will lower the rate that they lend money to consumers which is suppose to encourage consumers to take the extra money and spend to give the economy a jump start
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Post by paindahustla on Jan 30, 2008 16:10:51 GMT -5
oh really...
I wonder if I can consolidate my debt thru the banks for something cheapter than this damn 21.27% interest rate they have on my loan right now.
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Post by Warner Fite on Jan 30, 2008 17:22:43 GMT -5
oh really... I wonder if I can consolidate my debt thru the banks for something cheapter than this damn 21.27% interest rate they have on my loan right now. Not in this economy..at least not with banks that write "A" paper, Wells, BofA, etc.... Federal Credit Unions are the best bet Pain!...their rates are directly impacted by what the Feds do (traders will often disagree with this b/c of their impact on banks as it relates to trade markets..you may want to hide from Cam on this one ;D) and are often better to work with. My mortgage has been with the same FCU for 10 years. Less beaucratic and more consumer friendly. |
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Post by paindahustla on Jan 30, 2008 17:26:39 GMT -5
yeah I just snapped on B of A a few minutes ago...
I called to get my interest rate lowered and they said I can't cuz Equifax says I have too many delinquent payments.
So I go to the Equifax website and pay 10 bucks for my credit report. I look at it, I have a delinquency from 2004 on an account that I have since paid off.
So I call them back to try to dispute it and they tell me well...we don't just factor in the delinquencies, we also look at debt to income ratio.
I say what do I need to do then and they said, "lower your debt"..I said "bitch lower your interest rate and I can do that!"
Sorry...I been a lil moody lately...
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Post by paindahustla on Jan 30, 2008 17:27:58 GMT -5
I am thinking about going to a credit union to see if I can get them to fund me the money to pay them off and then they give me a lower rate...
I think I am going to do that tomorrow.
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