Transcript for 'Shark Tank' Panelists Discuss Interest Rate Hike's Effects on Your Wallet
Back now with that big headline about your money, the federal reserve expected to hike interest rates this afternoon. "Shark tank's" Barbara Corcoran, Kevin o'leary, back now answering your questions about how it could impact your family's budget and we want to get right to the first viewer question. You got it. My name is sally Murphy. I would like to know, I have an A.R.M. With my mortgage. How soon do you think I need to lock that in? You know, sally, it costs money to lock in a mortgage rate. Usually sometimes zero butore often 1%. So you have to compare what that's going to cost you to the forecast that interest rates will go up about 1% in the next year. Tippic lick you should jump right in there and do it most cases. What do you say about these adjustable rates? He disagrees. I think adjustable rates are very, very dangerous because people have gotten used to the fact that interest rates have been perpetually low for ten years. Now that's changing. Better to lock in, pay the 75 or 1% Barbara is talking about and go to sleep at night knowing the cost of your mortgage won't change if the fed hikes again early next year. I just like peace of mind. That's what it's all about. You think that's worth money. Yes, absolutely. All right. Let's get to our next viewer question. Take a look. I recently got a new car and I was wondering if the interest rate goes up, what will happen to my loan? Ladies, first. You don't have to worry the least bit about your car loan because it's a fixed rate for a fixed period of time. So, just forget about it. You got the car loan, enjoy the ride. Kevin, this is also credit card, right. You have to look at your entire portfolio. Things you owe money to. Mortgage rates will go up as the fed raises rates. Credit card costs will go up. Any variable cost debt, not everybody has a fixed rate auto loan so they'll pay more. I think the key is here now that you know the world is changing, lock down your costs. Fix everything and go to bed at night feeling that you've got control of your financial life and, by the way, start paying off those credit cards by not buying that expensive coffee. Don't buy that bagel in a store. Don't buy those shoes. Don't buy that other dress. Pay off the mortgage. Pay off the credit cards. Pay off the loans. Time to bring debt down. Very good advice. Very sound advice, Barbara, I see you're nodding. I can't believe -- I have to agree with him. The only thing he should be worried about is his marriage. It doesn't look so good and -- Barbara. I have to throw something at you to make you upset. We have had so many viewers concerned about this potential hike. Should we be scared? Just real quick. Doesn't pay to get scared. Figure out what the interest rate is now. What it might be and get over it. Okay. Kevin, I'm sorry. We've run out of time. We adore you, thank you, Barbara, we thank you.
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