As investors anticipate the Federal Reserve to cut interest rates this September, what implications does this have for Americans' personal finances, particularly regarding debt?

Tayne Law debt relief attorney Leslie Tayne joins Brad Smith on Wealth! to discuss how to approach debt management in light of this upcoming interest rate shift.

Tayne emphasizes that individuals with debts should be "paying close attention" to the Federal Reserve's rate cut decision, "because now’s the time to start thinking about what your budget’s going to look like." She advises individuals to be mindful of the amount of debt they accumulate during this transitional period.

Additionally, Tayne — the author of Life & Debt: A Fresh Approach to Achieving Financial Wellness — recommends delaying refinancing on significant purchases, such as cars or homes. Instead, she suggests locking in rates on high-yield savings accounts or CDs to "get the best possible rates."

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This post was written by Angel Smith