Name: How to Borrow Money and Avoid Higher Interest Rates
Uploaded: 2023-09-21T19:58:00Z
Duration: 6 min 53 s
Description: Consumers who are wary of current high interest rates have several options allowing them to borrow at lower-interest levels. WSJ reporter Imani Moise joins host J.R. Whalen to discuss the benefits and risks. Photo: Wong Yu Liang/Getty Images

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Consumers who are wary of current high interest rates have several options allowing them to borrow at lower-interest levels. WSJ reporter Imani Moise joins host J.R. Whalen to discuss the benefits and risks. Photo: Wong Yu Liang/Getty Images

https://m.wsj.net/video/20230921/3d3444bb-80d1-4d9a-84fd-07fe3743103c/2/hls/manifest-hd-wifi.m3u8

How to Borrow Money and Avoid Higher Interest Rates

Here's your money briefing for Thursday, September 21st. I'm J.R. Whalen for the Wall Street Journal. Compared to a year ago, it's a lot more expensive for consumers to borrow money, but they do have options that can ease the financial pressure of higher interest rates. Wall Street Journal personal finance reporter Imani Moise joins me. So Imani, first of all, can you just help us out with some numbers? The Fed held interest rates steady yesterday in the 5.25 to 5.5% range, but we see credit card interest rates often above 20%. How do those numbers get so high?

That number you just cited is the cost that banks pay to borrow from each other, but credit card loans are considered much riskier which is why their interest rate is so much higher. And credit cards today usually come with a variable rate which means that they tend to move up along with the regular bank interest rates.

And we often see the acronym APR in descriptions of loans. What does that stand for and how does it help consumers understand how much it'll cost to borrow?

APR stands for annual percentage rate. Lenders are required to state the cost of borrowing as an APR because it's thought of as a broader measure than just a regular interest rate because it also includes any fees you're gonna pay for your loan or to access that cash in addition to any interest. And it also takes into account the amount of time that you have to repay that loan. The APR in theory helps consumers compare and contrast different loan types that may have different durations or different stated interest rates. So any bank or company providing consumer loans is going to be heavily regulated, and they're required by law to provide what's called a truth in lending disclosure, which tells you exactly how much the APR is going to be, exactly how much you're going to pay over the term of the loan. But for a lot of these FinTech products, there's still an open debate as to whether or not their services count as a loan. For example, there's a new kind of company called Earned Wage Access, and what they're doing is giving you access to wages that you've already earned, but you just haven't been paid yet. So for example, if you get paid every other week, but you've already worked for half of that pay period, these companies say they're giving you access to those wages now, and the jury's still out on whether or not that's considered a loan.

Since we addressed credit cards briefly earlier, let's get into those a bit more. Some credit card holders are able to pay off their balances each month, but others might carry a balance. If they're wary of such high rates out there. Do they have options?

Absolutely, so with average credit card interest rates above 20%, it's very, very expensive to carry a balance right now. And banks know this and banks know that more consumers are becoming more budget conscious, and they're watching their bottom line, and they're spending closely as inflation keeps going and interest rates rise. So one bank, TD launched a new kind of credit card called TD Clear, and it actually doesn't charge interest. So instead of the normal interest charges that you would see with a traditional credit card TD Clear only charges a flat fee of 10 or $20 depending on your credit line a month. So that means that you know exactly how much finance charges you're going to pay each month regardless of what kind of balance you carry.

Oh, makes it easier to plan a budget for a consumer

Exactly, APR, different fee structures, penalty interest rates that are different from regular interest rates can be really hard for the average consumer to keep track of. So even if the flat rate doesn't work out to be cheaper than paying interest every month, some people say that they're willing to pay for that kind of simplicity.

Buy now, pay later programs have become popular with consumers who wanna pay in installments. But are there risks to be mindful of?

Buy now pay later companies tend to be really, really transparent in terms of what you're going to pay upfront. But you should be mindful that if you're not keeping track of when your plans are due and you make a payment late there can be pretty hefty late fees. So for example, Klarna will charge the lesser of $7 or 25% of your original purchase for any missed payments.

And we've talked on the show before about credit unions. How can they benefit consumers who need to borrow?

If you like the flexibility of a credit card because they're still more flexible than a lot of the FinTech offerings in terms of how long you have to pay since it's an open line of credit that you could pay off over multiple months. If that's the case, you should really look at a credit union. Their interest rates tend to be a lot lower than traditional bank rates, and that's because of their nonprofit business model. Their obligation is to help you as a member of their credit union.

Any other options people have?

Another low cost option, especially if you already have a checking account with a bank is just to go to them and ask if they have any small dollar loans available. A lot of retail banks have launched short-term credit options for consumers who may need a little bit of extra cash after they got rid of overdraft fees in the last few years. For example, Bank of America, they have this product called Balance Assist. So if you need an extra $500 'cause your account maybe is about to go negative they'll give you $500 that you could pay back over three months for only $5. And that works out to an APR of about 4% which is really the cheapest kind of consumer credit you can get in the market right now.

That's a big change from the typical 20% you see in a credit card.

Absolutely, but of course, I mean those aren't as accessible, right? Because you have to be an existing customer at that bank to qualify for that loan, and it's limited to $500.

Now personal loans are another option, but don't they also come with high interest rates?

Yes, so a personal loan will typically be cheaper than a credit card, but more expensive than that 4% I just talked about. The average personal loan interest rate right now is about 10%. So it's still cheaper if you wanna consolidate that, but there's usually a longer application process, whereas with buy now, pay later, you can get that credit at the point of sale, but it takes a little bit more planning to get a personal loan.

That's Wall Street Journal personal finance reporter, Imani Moise. And that's it for your money briefing. Be sure to check out our new show WSJ's "Take on the Week." It comes out Sundays and is designed to help you make smarter investing decisions. Subscribe wherever you get your podcasts. Today's show is produced by Ariana Osperu with supervising producer Melanie Roy. I'm J.R. Whalen for the Wall Street Journal. We'll be back tomorrow morning. Thanks for listening.

WSJ's Your Money Briefing podcast is your personal-finance and career checklist. Finance reporters and experts break down complicated money questions every weekday to help you make better decisions about managing your money. 