Contact Us
Make My Homepage

Are Low Interest Rates Saving You Money?

Thanks to historically low interest rates, many of us are saving more than $3,000 a year.  But, that’s not the case for everyone. 

Calculator with Money
Flickr User 401k

The Bureau of Economic Analysis finds that household interest payments fell to an average $469 per month at the end of 2011, down from a peak of $728 in 2007.  “Low interest rates have definitely helped those who were able to borrow money at those rates for new homes and cars and for those who were able to refinance their mortgages,” said Maury Randall, Chairman of the Finance Department at Rider University. 

“But, part of the total drop in interest rates is due to the fact that debt levels are lower and several factors cause those debt levels to drop,” said Randall.  “Some people have paid off a good part of their debt, so they have lower interest payments.  But, there are others who have lost their homes to foreclosure and have had to claim personal bankruptcy.  As a result, their debt is gone.”

Best of NJ 101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to http://nj1015.com using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.