America's dependence on credit cards is growing. The Fed's rate hike will make it more painful
CNN
By making it more expensive to borrow, the Federal Reserve hopes to cool demand and tamp down inflation. But hiking rates also means people have to pay more to service debt they already have.
Interest rates on nearly all credit cards and home equity lines of credit will increase after this latest rate hike, and borrowers with variable interest rates will notice the difference quickly, said Ted Rossman, senior industry analyst at Bankrate.
"It's pretty much right away, within a statement cycle or two," he said.
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