In September 2024, the Federal Reserve cut the federal funds rate by 50 basis points (0.5%), bringing it down to a range of 4.75% to 5%. This decision is part of the Fed's effort to support economic growth by making borrowing cheaper. But what does this change mean for you? Let's take a deep dive into how this rate cut could affect car loans, credit cards, mortgages, and even your savings.

When suspicious sounds underneath your car's hood become more common, and the frequency of trips to the repair shop increases dramatically, one question naturally arises: as your vehicle ages, should you keep repairing your existing car or invest that money into a newer model altogether? How you proceed at this critical juncture can have a significant impact on your financial landscape. Exploring your options with a focus on your long-term financial health is a crucial first step.