Forecasts for the Prime Rate - which is the best going rate you can possibly get in a given time period, are usually given by financial forecasters and banks about once a month. Yep, the Prime Rate changes that often.
It just goes to show the true volatility and dynamics of the financial and lending industry. Below you will see the most recent forecasts - which means they are estimates.
Why Knowing the Prime Rate is Important
Knowing what you’re getting into, and what the rate is that you would be getting a great deal at is important because it allows you to go into the lending game as a knowledgable consumer who knows a good deal when they see one. Basically, it helps prevent you from getting a raw deal on your loan.
Prime Loan Interest Rate Forecast for the Next Few Months in 2006
May 2006 - 8.0
July 2006 - 8.0
August 2006 - 8.25
September 2006 - 8.50
October 2006 - 8.50
We all know that in order to get the best loan rates, mortgage rates and general loan rates including car loans, you need to have good credit and be deemed a good risk so that the lender will place a higher value on your business (they know you are more likely to pay them back, and in a timely manner if you’ve established a good credit history).
So, the next few posts are going to be on what you can do to establish and maintain good credit, so that you pay a lot less in the future for both long term and short term loans, mortgages and credit cards. I have to admit, I’m going to have to do a little investigating, as my knowledge in this area is just about the same as the average joe on the street.
There are some ways to building good credit that aren’t all common sense, or common knowledge for that matter. We’ll discuss those in the coming days.
This is really just personal commentary, but who knows, it might mean something to someone! I’ve decided that my goal for this year is to have $20,000 in the bank by the end of 2006 for a nice, fairly hefty downpayment on a home. How do I think I can do that?
Well, by cutting a few costs, such as my somewhat excessive shopping, increasing my withholdings from my paycheck for my investment program, which I may draw upon at the end of the year to help me meet that $20,000 goal, and also to step up my outside endeavors - meaning my outside interests besides my current job as a paralegal at a major insurance company.
Hello everyone. I’m glad you’ve found this site. I have put this weblog together because almost everyone I know is struggling with debts that seem to be out of their control, and credit card companies just seem to be increasing interest rates, as well as loan rates and mortgage rates. With all of this against us, how can we ever get ahead?
That’s what this weblog is all about. I’ll share with you my personal journey from drowning in credit card debt to getting every cent of that debt cleaned up and paid off. Also I’ll share with you how to find the best credit cards with the best interest rates, and how to also budget your spending and strategic ways to pay your bills so you pay yourself first - not the mortgage companies, credit card companies and loaning banks.
So welcome, and I hope you learn a little something here!