"Going back to the Carter presidency when the Federal Reserve interest rate was more than 20% and inflation was extremely high, CD rates could be found in the 14% to 16% range," says Rob Burnette, CEO and financial advisor at Outlook Financial Center.
Since credit cards often carry the highest interest rates of all debt, Rob Burnette, CEO and fiduciary financial advisor at Outlook Financial Center, recommends paying these off first.
“If you have trouble saving, start small,” said Lori Gross, financial and investment advisor at Outlook Financial Center in Troy, Ohio. “Have deposits go automatically into the savings, removing the need for you to physically make the deposits, or move funds.”
“Some of these models are targeted at specific industries and applications like mortgages, auto loans, and bank cards,” says Rob Burnette, an investment advisor at Outlook Financial Center in Troy, Ohio.
"Just because they are advertising a low rate doesn't mean you'll be eligible," said Lori Gross, a financial adviser at Outlook Financial Center in Troy, Ohio. "You have introductory offers on cards which can be a way to get a low rate to begin with, but after 12-13 months your APR will jump."
“These funds receive an agreed-upon interest rate and are often laddered to mature over a specified time frame, allowing for preservation of capital with a rotating stream of income,” says Lori Gross, an investment advisor at Ohio-based Outlook Financial Center.