How to navigate interest rates: Colorado financial professional weighs in
Interest rates apply to many aspects of our financial lives. They're tied to things like mortgages, savings accounts, retirement, and others. These rates can be tricky to navigate, however, when they're high like they are currently.
Just last month, the Federal Reserve raised interest rates to a 22-year high: between 5.25% and 5.5%.
CEO of Reynolds Financial Group Roger Reynolds says, historically, high interest rates mean bad news for borrowers, but good news for savers.
"Higher interest rates cause higher prices. I think we've all seen higher increases in the past year or two. We've seen amazing increases in the things that impact our lifestyle. We want to take advantage of that on the investment and savings side but need to be careful on our individual loans," he told CBS News Colorado's Mekialaya White.
Even so, inflation has fallen significantly from a peak last summer.
Reynolds advises coming up with a plan to secure financial stability. To learn more, click here: https://bit.ly/44xK6RW