LANSING, Mich. — The Federal Reserve dropped interest rates in an effort to keep the economy moving.
Bankers said no one should worry about their money in the bank because it is federally insured, but people need to make smart decisions about what they do with it.
Michigan State University Federal Credit Union said people have options if they are worried about making ends meet.
Since the Feds cut interest rates, it is cheaper to get a loan or refinance.
The credit union said it's best to start now so you don't hurt your credit score.
"Proactively reach out to your financial institution. Let them know your situation and tell them what you think you are able to achieve in the future," said MSUFCU President and CEO April Clobes.
Banks are also encouraging people to use online banking and debit cards instead of cash to help reduce spreading germs.
Many bank lobbies are closed because of the coronavirus outbreak.
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