Things To Do In SW Florida

By Nicole Dow | NerdWallet

Interest rates on personal loans have steadily increased since early 2022, coinciding with the Federal Reserve’s efforts to curb inflation by raising the federal funds rate.

But anticipated Fed rate cuts before the end of this year may not bring personal loan rates down right away.

“Typically, we don’t see personal loan rates drop as a result of those rates dropping,” said Jean Hopkins, director of consumer lending at WeStreet Credit Union in Tulsa, Oklahoma.

Changes to the federal funds rate have a greater impact on variable-rate credit products, such as credit cards or home equity lines of credit, she said. Personal loan rates, on the other hand, are driven by larger economic factors, such as inflation and unemployment.

Your exact personal loan rate is most influenced by your creditworthiness and income. If you’re planning to borrow this year, here are a few things you can do to get a low rate on a personal loan.

Maintain a high credit score

Lenders rely heavily on credit scores to determine how likely an applicant is to repay a loan. Generally, those with high scores get the lowest rates. read more

Gov. Ron DeSantis on Monday asked for input to provide relief for condo unit owners facing crippling financial assessments ahead of a state-imposed Jan. 1 deadline to have buildings inspected and come up with plans to fund needed repairs.

Speaking at a roundtable discussion in Miami Lakes, the governor said opportunities will exist before the end of the year for the Florida Legislature to pass “reforms and relief.”

That would likely require a special legislative session — an idea that Senate President Kathleen Passidomo, R-Naples, rejected when asked about it in August.

But on Monday, DeSantis said state lawmakers don’t have until March or April to act. He urged them to speak with their constituents. “We need to be developing ideas now so these things can be implemented in time to prevent people from being forced out of their homes,” he said.

In 2021, following the collapse of the Champlain Towers South in Surfside, DeSantis and the Legislature enacted a law requiring condo associations to complete safety inspections and make preventative repairs. The inspection deadline looms at the end of the year and associations have levied fee assessments to cover the costs of the inspections and repairs. read more