In response to the economic crisis sweeping the globe, central banks around the world have instituted a coordinated global rate cut of 50 basis points. The Fed has joined in this effort, bringing rates down to 1.5%.
The move is expected to free up some of the cash flow in the world economy, increasing liquidity and unfreezing the credit markets. This should have an effect on mortgage interest rates, as well as consumer debt rates. Now is the time to make major inroads in paying down your credit card.
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