The Federal Reserve increased the interest rates on March 22 from 1.50% to 1.75%. As a result, banks across the country will raise their prime lending rate (best rates for customers with best credit ratings). This will affect your credit card interest rates and other non-mortgage loans. This is GOOD NEWS, if your credit card is still at zero percent interest rate. You may have more time left before your interest rate kicks in. This is BAD NEWS, if you are paying interest on your credit cards because you will owe more over the long run. This is a great time to payoff OR pay down your credit card debt. The higher your credit card balance, the more interest you are likely to pay. This is a great time to use your income tax refund to pay your debt in full or pay a large chunk of the balance. Paying your credit card balance in FULL every month is always the best option to remain DEBT FREE!
Rev. Dr. Donna Taylor is the Pastor of Andrew Chapel, United Methodist Church on the Northern Neck in Montross, VA. Rev. Dr. Taylor promotes best practices for financial literacy and financial empowerment in the church and leads workshops throughout Northern Virginia. Currently, she serves as the Chair of the District Finance Committee. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, VA. Rev. Dr. Donna Taylor is married to Dr. David Taylor, who is also the Director of our church-based free clinic. They have two adult children and three grandchildren. In her leisure time, Rev. Dr. Taylor enjoys traveling, jogging, weightlifting, swimming, yoga, and interior decorating. In May 2015, Rev. Dr. Taylor received her Doctor of Ministry from Virginia University of Lynchburg in Lynchburg, Virginia. Rev. Dr. Taylor was born and raised in New York City and recently discovered her ancestral roots in Guinea-Bissau, West Africa. Rev. Dr. Donna Taylor is married to David Taylor and they have a son and a daughter. Their daughter is a educator and son is an Active-Duty Senior Seaman in the Navy married with three children. In her leisure time, she enjoys traveling, reading, swimming, writing poetry, crocheting and spending time with her family.