Tag Archives: Low Interest Rates Help Americans Save Money

Ultra-low interest rates have helped the average American to save more than $3,000 a year, according to a USA Today analysis. Interest payments on mortgages have contributed to some of the largest savings. USA Today reports that mortgage interest payments have fallen 30 percent since peaking in 2007. According to the Bureau of Economic Analysis, Americans spent 5.8 percent of their after-tax income paying interest on mortgages, credit cards, car loans, and on other debts — the smallest share since 1977. Indeed, interest payments have fallen drastically on debt. Interest […]