Piggy BankAs I peruse all of my banking websites this morning, I’m finally starting to notice rates dropping in accordance with the fed rate drops over the past few weeks. Citi, Chase, Bank of America…

Okay, well, not Bank of America, but I think they’ll come through eventually.

It’s nice to see credit card rates dropping from 17.99% down to 15.24%. Sadly, these relatively large drops are all coming on cards that I’m not carrying a balance on anyway.

The one card I do still carry a balance on in with Chase. In the past month, the APR has dropped from 18.99% to 17.24%. That’s a good thing, though it’s not affecting me because my entire balance is sitting on a 4.99% promo rate. Drat. Foiled again…

The other place I’m seeing a rate change is on my ING account.

Dropping.  Like.  A.  Rock.

It was only a year ago that I started using a savings account — the rate was up above 5%. Now, it’s 3.348%. That’s too bad.

Just as I find myself finally overcoming debt, the interest rates start to work against me again.

Yep, it’s me against the man.  It’s personal.  (okay, that’s a little over the top…)

In the grand scheme though, I’m really glad that I’m finally digging out of the hole when I am. With all this news about a recession (I don’t see it coming personally), slumping home values, rising gas prices and, I dunno, total world destruction, it’s nice to know that 95% of it doesn’t affect me at all… other than that crappy 3.348% rate.  

And that costs a guy like me, what, maybe $20/year?

1 COMMENT

  1. Emigrant Direct is down to 3.05%, and I’m almost turned off by the thought of contributing more to the account vs. rolling more money into the stock markets…

    Of course, I guess that’s the idea behind lowering interest rates… it causes people to look elsewhere to put money (i.e. providing liquidity to the stock market is a driving force).

    It’s too bad really, as most people need to be saving more right now, and all the Fed is really doing is reducing the incentive to save.

    -Grant

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