NPR reached out to financial experts for tips about weathering the inflation storm. Here’s what they had to say:
, which combines behavioral science and economics to improve people’s financial well-being.
De La Rosa said tip No. 1 is, “Go ahead, pick up the phone, call your credit card company and ask them to lower your interest rate. … Many, many years ago, I did a small pilot where I brought people into the lab and had them sort of call your credit card company. And about 40% of them had success either getting a promotional 0% [annual percentage rate] or just getting a credit card interest rate decrease.
Having said that, De La Rosa isn’t advising individuals throw every dollar they have at their debts. People should have some sort of cash savings available for emergencies. With the Federal Reserve recently hiking interest to a 40-year high, mortgage rates are also on the rise, with a 30-year mortgage averaging 5.89% as of last Thursday,. Lautz said this could be an opportunity for homebuyers who missed out on home after home, as rising prices narrow the pool of potential buyers.
“Some of the old-fashioned rules, like you need 20% down to enter homeownership, just may not be true depending on the loan product that you choose,” Lautz said. “The typical first-time homebuyer just put 6 to 7% down, for the last several years.” Many young buyers today are getting into homes by thinking unconventionally, Lautz said, like living with family for a period of time to save up for a down payment or renting a room out in their new home to subsidize costs. Some buyers are even going in on properties with friends and splitting the mortgage and bills.
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