SMARTLAB by Logix

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If you are dealing with credit and debt, you aren’t alone. You have a great opportunity to assess your financial situation and make a plan to move forward. The average American household has a balance of about $6,600 in credit card debt, and that’s not taking into account home, auto, and student loans. Paying off your debt is successful with a little planning. In fact, a plan can go a long way toward achieving your financial goals. Even in a time of financial uncertainty, there are ways to address and manage credit so it works for you.

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To understand how the federal funds rate or "Fed rate" affects banks and credit unions, we first need to understand what the federal funds rate is and its role in the financial world. The Federal Government requires all depository institutions, like banks and credit unions, to have a minimum reserve level in proportion to their deposits. Those that do not have enough reserves borrow from other financial institutions that do. The Fed rate is the interest rate banks charge when lending money to each other from their reserve balance. 

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"Sorry, I don't have any cash. Can you spot me, man?" is so early 2000's.

With the introduction of peer-to-peer (P2P) payments, friends and family can no longer use the excuse of being cashless to avoid repaying borrowed funds or receiving goods without paying for them in full. Logix members use P2P payment apps like Venmo, Paypal, and Zelle®, which allow users to send and receive cash instantly using their linked bank accounts.

But whenever money changes hands, you can be sure a scammer is hoping to get in on the action. So, stay alert to the below crazy schemes designed to steal money from any of your preferred payment platforms or methods.

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