CA, US & World
Fed Cuts Rates, But Shoppers Still Feel the Squeeze
The Federal Reserve dropped interest rates by a quarter point Wednesday, offering some relief to consumers—but many are still hesitating to make major purchases as financial pressures persist.
While the rate cut is welcome news, credit card interest rates remain stubbornly high, averaging more than 22% as of May. This reality is forcing many shoppers to change their spending habits, with some avoiding credit cards altogether in favor of cash and debit purchases.
The housing market is seeing some movement, with 30-year fixed mortgage rates now averaging around 6.35% —the lowest in about a year. However, potential buyers and sellers are still taking a wait-and-see approach, hoping rates will drop further.
Financial experts are offering strategies for consumers looking to manage high-interest debt, including exploring balance transfer credit cards that offer promotional periods with zero percent interest rates.
Watch the full report above to hear directly from shoppers about how they're navigating today's economy and get expert tips on managing debt in this challenging financial landscape.
By: NBC Palm Springs
September 18, 2025
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UPDATE: The San Bernardino Sheriff’s Department have confirmed that one person has died and another two were injured after a home explosion on Ocotillo Rd in Twentynine Palms. Security camera video from a nearby neighbor captured the dramatic blast around 8:28 p.m., followed by a fire that brought a massive emergency response from fire and law enforcement agencies across the Morongo Basin. The burning structure has been confirmed as a residence at 6427 Ocotillo Ave. The cause of the explosion remains under investigation and the San Bernardino Sheriff’s Arson/Bomb Detail team is conducting the investigation. Tune in to our evening newscasts for the latest information.
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