The Federal Reserve holds interest rates steady — here's what that means for your money

The Federal Reserve held rates steady at the end of its two-day meeting Wednesday, once again pushing back the start of rate cuts and any relief from sky-high borrowing costs.For consumers already strained by the high cost of living, there is an added toll from persistently high borrowing costs.

"Consumers need to understand that the cavalry isn't coming anytime soon, so the best thing you can do is take things into your own hands when it comes to lowering credit card interest rates," said Matt Schulz, chief credit analyst at LendingTree. "Going forward, mortgage rates will likely continue to fluctuate and it's impossible to say for certain where they'll end up," noted Jacob Channel, senior economist at LendingTree."That said, there's a good chance that we're going to need to get used to rates above 7% again, at least until we start getting better economic news.

Source: Loan Digest (loandigest.net)

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