The Federal Reserve raised interest rates last week in order to get a handle on the worst inflation the United States has seen in 40 years.
MONTGOMERY, Ala. - The Federal Reserve raised interest rates by a half-percentage point last week in order to get a handle on the worst inflation the United States has seen in 40 years. It’s the second hike in two months and the largest increase since 2000.
So what does the interest rate increase mean for your pocketbook? Hall says your financing cost are going to continue to rise. Borrowing money will become more expensive with higher interest payments for car loans and credit card bills. Within a billing cycle or two your annual percentage rate, or APR, will increase. Home equity lines of credit are also adjusted upward right away.
Investors are worried about high inflation and rising interest rates from the Federal Reserve. It has been a bumpy ride on Wall Street lately, but Hall says if you have money invested in stocks now is not the time to make major overhauls.
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