Should you apply for a new credit card? What about your savings? Your 2013 financial forecast

PHOENIX - It's the beginning of a new year and that means a new financial outlook.

While the economy is still slow, there's one thing you can look forward to in the New Year – "2013 looks to be another favorable year for borrowers, with rates on mortgages remaining at pretty attractive levels," according to Bankrate.com Senior Analyst Greg McBride.

But, that means things are not looking so bright for others.

"Unfortunately, if it's a good year for borrowers, that means it's gonna be another lousy year for savers," he said.

McBride said the Federal Reserve is actively holding interest rates low to try to get people to borrow more so we can boost our sluggish economy.

But, as a result, "a lot of retirees are really taking it on the chin," he said, "they've seen their spending power curbed."

And, if you're worried about seeing your credit card rates going up this year – don't. Bankrate tells us there shouldn't be much change in that area.

"However, we will still continue to see a big disparity between the rates that are offered to borrowers with good credit and those card holders that have some impaired credit," McBride said.

So, if you've managed to boost your credit in the last year or so, now is a good time to slash your interest rate or get a zero-percent transfer.

The most important thing to do right now? Pay down your debt, McBride said. It will help boost your credit so you can enjoy the low rates everyone can get now.

Where's your money going? Email me or go to my ABC15 Facebook page and tell me about it.

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