Rising gas prices tied to the war with Iran and uncertainty about the Strait of Hormuz are squeezing personal budgets set up earlier this year, and financial experts say midyear is the right time to make adjustments.
kjrh
Karen Fuentes, a mom from Glenpool, told 2 News Oklahoma that she feels the most pressure at the grocery store.
“The groceries are so expensive. Sometimes I buy groceries online. Being over $150. Buy groceries twice. They eat a lot, and then I have my oldest, who eats a lot too. He’s a boy, so it does get to be, I mean, I’m spending $300 to $400.”
kjrh
Belinda Silva with Bank of Oklahoma said the first step in a midyear financial check-up is simple.
“You wanna revisit the budgeting.”
That includes taking a close look at credit card interest rates. Fuentes said she is already making changes.
“There’s a lot of things that I am going to stop doing, like using one of my credit cards that has a high interest.”
When asked whether she monitors her credit card interest rate if she does not pay off the balance each month, Fuentes said the charges can still catch her off guard.
“Yes, yes, I try. Sometimes it does get me, though, at the end of the month, and you’re like, Whoa, that’s, that’s a lot.”
story blocks
Silva said midyear is an ideal moment to take stock of your full financial picture, not just basic expenses.
“So this is really a good time to revisit your credit health to your savings, any interest rates that you currently have on any type of loans, and see if you can make any adjustments there.”
If you carry a balance on high-interest credit cards, consider moving it to a zero-interest credit card if you qualify. If that is not possible, consolidating balances into a personal loan is another option. Those can carry interest rates 10 points or more lower than the average credit card.
story blocks
Refinancing a vehicle loan may also be worth exploring. Silva said the savings can add up.
“If your car loan right now is at 6% and you can get it at a 4.30 or a 5%, right, that’s, that would save you some money.”
Silva said bankers are available to help run the numbers to see whether refinancing a car, a mortgage, or taking out a home line of credit to pay off other debt at a lower rate could help get your budget back on track for the second half of 2026.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
Stay in touch with us anytime, anywhere —
