Interest rates on personal loans have continued to rise since early 2022 due to the Federal Reserve’s actions to combat inflation, but cuts may not lower rates quickly.
Jean Hopkins explains how personal loan rates are more influenced by broader economic factors like inflation and unemployment rather than changes in the federal funds rate.
Spencer Betts emphasizes the crucial role of credit scores in determining loan rates, advising borrowers to check their credit reports for irregularities.
To maintain a good credit score, timely payments and low credit utilization are essential, as they significantly affect the outcome of loan applications.
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