Oregonians have options in how to respond to rising interest rates

Published: Apr. 12, 2022 at 6:31 PM PDT
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PORTLAND, Ore. (KPTV) - With so many questions about inflation, interest rates, and the U.S.’ economic uncertainty, FOX 12′s Simon Gutierrez spoke with Natalie Berning, a financial expert from On-Point Credit Union.

They covered what Oregonians need to be thinking about during these times when it comes to their own finances. Here’s an excerpt from that conversation:

Gutierrez: “What are just a couple of things an ordinary person should be thinking about, be aware of right now, in terms of their own financials?”

Berning: “Right now, is a great time to do a financial inventory. So looking at what your assets are, what your expenses are, what your income is. One of the tips that I recommend is that you give every dollar coming into your household a job. And so those jobs might be things like paying your mortgage, but it also might be saving for a trip that you have upcoming. You’re taking care of your required spending but also saving for those more fun things that are on the horizon.”

Gutierrez: “Are there any ways that increased interest rates could be a good thing?”

Berning: “Yeah, for people that are savers, increased interest rates are good. It’s going to take some patience. You’re not going to see those rates increase right away. But what people can do to take advantage of their current situation, because it is going to be slow over this year, is looking at what interest you’re paying on current debts and see if there’s still an opportunity to refinance any of those debts. Whether that’s a mortgage and you haven’t refinanced your mortgage previously and you’re still at a higher rate, there still may be opportunities for that kind of refinance, as well as looking at things like credit cards and listing out what are the different credit card debts that you have, what interest rates are you paying, and is there an opportunity to still take advantage of those low rates we have before they continue to go up.”