Financial planning is always an important aspect of managing personal and small business finances. However, during periods of increasing interest rates, it becomes even more critical to have a well thought out plan in place.
We all know interest rates are increasing, but what does that mean for us in Santa Maria?
Interest rates are the cost of borrowing money and the return on saving money. When interest rates increase, the cost of borrowing money goes up, making loans and credit card debt more expensive. On the other hand, interest earned on savings accounts and other investments will also increase, providing better returns.
Paul Cook has served as CoastHills Credit Union’s President/CEO since 2018. Previously, Cook has served as CoastHills’ executive vice president and chief experience officer. Mr. Cook has more than 20 years of experience in the financial industry, including serving as SVP/Chief Information Officer at Heritage Oaks Bank; Chief Technology Officer at Los Alamos National Bank in Los Alamos, N.M.; and Vice President of IT at Pioneer Federal Credit Union in Idaho. Cook serves on the Santa Maria Valley Chamber Board of Directors, currently as Chairman Elect.