Low Interest Rates Putting Cash Back in Our Pockets [AUDIO/
POLL] We’re saving an average of $3,000 a year thanks to
historically low interest rates. But, that’s not the case for
everyone. The Bureau of Economic Analysis finds that Americans
spent 5.8 percent of their after-tax income paying interest on
mortgages, credit cards, car loans and other debt, a steep drop
from 9.1 percent in 2007. “Those who have been able to buy a new
home or car or refinance their mortgage have been able to take
advantage of the low rates,” said Maury Randall, Chairman of the
Finance Department at Rider University. “But, lower interest
rates have severely hurt retired people and others who rely on
interest from savings.” “Debt levels also have been reduced due
to various sorts of financial distress. Many people have had
their homes foreclosed upon. Others have had to claim personal
bankruptcy to handle their credit card debt. So, while their
debt has been wiped away, it’s not a result of something
positive.” We’re also shelling o