Tim Maxwell

1 week ago | cbsnews.com | Tim Maxwell |Matt Richardson

In today's high interest rate environment, affordable borrowing options are few and far between. Perhaps it's no surprise, then, that many homeowners are exploring ways to cash in on their home equity to consolidate debt, cover major expenses or for just about anything else. But tapping your home's equity without a clear strategy can backfire. After all, home equity loans and home equity lines of credit (HELOCs) carry substantial risks since they're secured by your home.

1 week ago | experian.com | Tim Maxwell

What Is a Time Deposit? Time deposit accounts are more commonly referred to as certificates of deposit (CDs), and some credit unions call them share certificates. These accounts require you to keep your money in the account for a fixed period ranging from one month to five years or more. In return, the bank typically offers a higher interest rate than a regular savings account that is guaranteed for the CD's term. While CDs help you earn more, the downside is that you lose access to your money.

1 week ago | cbsnews.com | Tim Maxwell |Matt Richardson

While certificate of deposit (CD) rates have dipped slightly over the past year, they're still elevated, with some financial institutions offering yields as high as 4.40%. However, rates could fall in the coming months if the Federal Reserve follows through on expected interest rate cuts this year. While the Fed doesn't directly set CD rates, these yields often loosely mirror Fed policy decisions.

2 weeks ago | cbsnews.com | Tim Maxwell |Angelica Leicht

Carrying any amount of credit card debt is incredibly expensive right now, and that's due, in large part, to how high credit card rates are in today's economic landscape. The average credit card interest rate in the U.S. currently stands at 21.37%, just slightly lower than the all-time high of 22.8% at the end of 2023. Today's high card rates are nearly double the 12.9% average annual rate seen in 2013.

3 weeks ago | cbsnews.com | Tim Maxwell |Matt Richardson

In today's high-interest rate environment, borrowing remains an expensive option, especially with credit cards and unsecured loans. Lingering inflation continues to underpin high interest rates and the Federal Reserve's most recent decision to pause its benchmark rate to curb consumer spending. While inflation has cooled from its peak, the latest Consumer Price Index data shows prices are still rising at an annual rate of 2.3% as of April 2025, short of the Fed's 2% target rate.