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If Fed finally raises rates, here’s how you’ll feel it

first_imgWill they, or won’t they? That’s the question on the minds of interest-rate watchers everywhere as the Federal Reserve gets set to meet this week. National Association of Federal Credit Unions President and CEO B. Dan Berger weighs in with what savers and borrowers can expect over the long haul.Q: Interest rates have been so low for so long, and even when they do rise, it’ll be extremely gradual. What’s a saver to do?A: This has been a tough environment for savers. It really emphasizes the need to shop for the best rates possible. Oftentimes, that will be a credit union — a not-for-profit, member-owned financial cooperative. Savers can go to www.CULookup.com to find interest rate comparisons between credit unions and banks, and also to find a credit union that they are eligible to join.Q: Have the low rates been hard on credit unions and banks as well?A: Yes. Credit unions exist to serve their members and do so by offering the best rates possible. That has been difficult in the current interest-rate environment. Nevertheless, nearly 105 million Americans are members of credit unions, and their ranks are growing every day as more and more people see the value and superior service offered by credit unions. continue reading » 5SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more