How the Fed's steep rate hikes stand to affect your finances
2 years, 3 months ago

How the Fed's steep rate hikes stand to affect your finances

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Yet as the Federal Reserve has rapidly increased interest rates, many economists say they fear that a recession is inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation. Even before the Fed's decision Wednesday, credit card borrowing rates have reached their highest level since 1996, according to Bankrate.com, and these will likely continue to rise. Rates on new auto loans are likely to go up by nearly as much as the Fed's rate increase. Fed Chair Jerome Powell warned last month that, “our responsibility to deliver price stability is unconditional” — a remark widely interpreted to mean the Fed will fight inflation with rate increases even if it requires deep job losses or a recession.

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History of this topic

US Federal Reserve lowers interest rates, signals slower cuts for 2025
Trending News
6 days, 1 hour ago

US Federal Reserve lowers interest rates, signals slower cuts for 2025

India TV News  

The Federal Reserve cut its benchmark interest rate by a quarter for the third consecutive time. Future outlook: Moderate reductions expected by 2025 Another quarterly outlook indicated only two rate cuts in 2025, with officials predicting government rates to reach 3.75 per cent-4 per cent by the end of that year. Fed Governor Michelle Bowman warned that inflation would remain …

US Federal Reserve lowers rates by a quarter point, signals two cuts for 2025
6 days, 6 hours ago

US Federal Reserve lowers rates by a quarter point, signals two cuts for 2025

Hindustan Times  

Federal Reserve officials lowered their benchmark interest rate for a third consecutive time, but reined in the number of cuts they expect in 2025, signaling greater caution over how quickly they can continue reducing borrowing costs. A majority of economists in a Bloomberg survey had expected the median rate estimate would point to three cuts next year. Bumpy Inflation Policymakers …

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more
6 days, 6 hours ago

The Fed expects to cut rates more slowly in 2025. What that could mean for mortgages, debt and more

Associated Press  

NEW YORK — The Federal Reserve’s third interest rate cut of the year will likely have consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. “Because the upcoming Trump administration’s policies might cause a resurgence in inflation or otherwise throw the economy off balance, the Fed might choose to take a wait-and-see approach …

Federal Reserve is likely to slow its rate cuts with inflation pressures still elevated
1 week, 1 day ago

Federal Reserve is likely to slow its rate cuts with inflation pressures still elevated

Associated Press  

WASHINGTON — Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week’s Federal Reserve meeting. The Fed’s policymakers are likely to signal fewer interest rate cuts next year than were previously expected. Instead, inflation has become stuck at a higher level, yet the Fed after Wednesday’s meeting will likely have lowered its …

As the Fed cuts, some long-term interest rates are rising
1 week, 6 days ago

As the Fed cuts, some long-term interest rates are rising

Salon  

In physics, what goes up must come down. "It seems like the Fed's done a pretty good job of maintaining a path to slowly and steadily lower interest rates without having too much of a impact on the economy overall," said Jonathan Ernest, assistant professor of economics at Case Western Reserve University. If short-term rates are falling because inflation is …

Why Trump and the Federal Reserve could clash in the coming years
2 weeks, 5 days ago

Why Trump and the Federal Reserve could clash in the coming years

Associated Press  

WASHINGTON — President-elect Donald Trump campaigned on the promise that his policies would reduce high borrowing costs and lighten the financial burden on American households. And even if Powell reduces the Fed’s benchmark rate, Trump’s own policies could keep other borrowing costs — like mortgage rates — elevated. The Fed would likely respond by slowing or stopping its rate cuts, …

December interest rate cut depends on inflation, Fed official says
3 weeks, 1 day ago

December interest rate cut depends on inflation, Fed official says

Salon  

A top Federal Reserve board member said Monday he’s likely to support an interest rate cut when the Fed meets in two weeks, as long as inflation isn't still persistent. Christopher Waller, a member of the Fed’s Board of Governors, said he was confident the rate of inflation would continue to decrease, according to The Associated Press — but that …

US Fed rate cut: First inflation uptick in 7 months does little for Powell-led FOMC’s December plans; here’s why
1 month, 1 week ago

US Fed rate cut: First inflation uptick in 7 months does little for Powell-led FOMC’s December plans; here’s why

Live Mint  

The US Federal Reserve will likely stay on course towards delivering another interest rate cut in its December policy meeting even after the latest inflation print revealed that consumer prices rose for the first time in seven months. Wall Street analysts say that October's inflation data "will change little for the US Fed'' when the Federal Open Market Committee will …

Trump enters just as the Fed is shifting its focus
1 month, 2 weeks ago

Trump enters just as the Fed is shifting its focus

Live Mint  

With its second consecutive interest-rate cut this year, the Federal Reserve is attempting to boost the odds of a soft landing. Alternatively, any resurgence in inflation could force the Fed to stop cutting rates, raising the odds that the economy faces a hard landing later in Trump’s term. Due in part to the Fed cutting rates with a solid economy, …

Federal Reserve cuts its key interest rate by a quarter-point
Trending News
1 month, 2 weeks ago

Federal Reserve cuts its key interest rate by a quarter-point

The Hindu  

The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week. Why rate cuts by the U.S. Federal Reserve matter to world markets In a statement after its latest meeting ended, the Fed said the …

Federal Reserve cuts its key interest rate by a quarter-point after Trump's election win
Top News
1 month, 2 weeks ago

Federal Reserve cuts its key interest rate by a quarter-point after Trump's election win

Hindustan Times  

The Federal Reserve cut its key interest rate Thursday by a quarter-point in response to the steady decline in the once-high inflation that had angered Americans and helped drive Donald Trump’s presidential election victory this week. Federal Reserve Board Chairman Jerome Powell The rate cut follows a larger half-point reduction in September, and it reflects the Fed’s renewed focus on …

US Federal Reserve cuts rate by 0.25% after first post-election meeting, notes easing inflation
Trending News
1 month, 2 weeks ago

US Federal Reserve cuts rate by 0.25% after first post-election meeting, notes easing inflation

Firstpost  

The interest rate in the US is now in the range of 4.5-4.75 per cent. The US Federal Reserve on Thursday cut the benchmark lending rates in the country by 0.25 per cent. Inflation has made progress toward the Committee’s 2 per cent objective but remains somewhat elevated,” the Federal Open Market Committee, which is responsible for changes to the …

Fed cuts rates in boost for Trump
1 month, 2 weeks ago

Fed cuts rates in boost for Trump

The Telegraph  

The US Federal Reserve cut interest rates on Thursday night in a boost for incoming president Donald Trump. The central bank voted to lower rates by a quarter of a percentage point, two days after the worries about the economy under the Democrats helped propel Mr Trump back into power. Before Thursday evening’s decision, traders had already begun paring forecasts …

The Fed cuts interest rates — but Trump's election could make things trickier
1 month, 2 weeks ago

The Fed cuts interest rates — but Trump's election could make things trickier

NPR  

The Fed cuts interest rates — but Trump's election could make things trickier toggle caption Anna Moneymaker/Getty Images North America The Federal Reserve lowered interest rates by a quarter percentage point Thursday, as expected — but the central bank may grow more cautious about future rate cuts as it monitors the impact of economic policies in a second Trump administration. …

US Federal Reserve is finally lowering rates: Here's what consumers need to know
3 months ago

US Federal Reserve is finally lowering rates: Here's what consumers need to know

Hindustan Times  

The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. “Act cautiously and responsibly," Channel said, "and don’t make any rash decisions based on a single Fed meeting or economic report.” Eventually, yields for savers will decline as the Fed …

Ahead of elections, US Federal Reserve shifts interest rates dramatically to deal with worst inflation
3 months ago

Ahead of elections, US Federal Reserve shifts interest rates dramatically to deal with worst inflation

India TV News  

The Federal Reserve cut interest rates by half of a percentage point on Wednesday, kicking off what is expected to be a steady easing of monetary policy with a larger-than-usual reduction in borrowing costs that followed growing unease about the health of the job market. "The committee has gained greater confidence that inflation is moving sustainably toward 2%, and judges …

How the economy will respond to the Fed's rate cuts
3 months, 1 week ago

How the economy will respond to the Fed's rate cuts

Politico  

“Rate cuts going into the end of this year and the beginning of next year will help provide some momentum to the economy,” said Bharat Ramamurti, a former Biden White House official who’s now advising Harris’s campaign. “Very sharp and significant Fed rate hikes didn’t have the same effect on the economy that you would have expected,” said David Wessel, …

The Federal Reserve starts cutting interest rates in a big moment for the economy
3 months, 1 week ago

The Federal Reserve starts cutting interest rates in a big moment for the economy

NPR  

The Federal Reserve starts cutting interest rates in a big moment for the economy toggle caption Win McNamee/Getty Images North America The Federal Reserve moved aggressively Wednesday to start cutting interest rates as its single-minded focus on fighting inflation gives way to a growing interest in protecting the job market. On average, members of the Fed's rate-setting committee expect borrowing …

Will the Federal Reserve cut interest rates fast enough to deliver a ‘soft landing’?
3 months, 1 week ago

Will the Federal Reserve cut interest rates fast enough to deliver a ‘soft landing’?

LA Times  

Federal Reserve Chair Jerome H. Powell speaks during a news conference at the Fed in Washington in May. Typically, Fed rate cuts lead to lower borrowing costs for things such as mortgages, auto loans, credit cards and business loans. Fed Chair Jerome H. Powell emphasized in a speech last month in Jackson Hole, Wyo., that the Fed is prepared to …

How to prepare for the Fed’s forthcoming interest rate cuts
4 months ago

How to prepare for the Fed’s forthcoming interest rate cuts

LA Times  

The Federal Reserve is poised to cut its benchmark interest rate next month from its 23-year high, with consequences for consumers when it comes to debt, savings, auto loans and mortgages. “The time has come” to reduce interest rates, the head of the Federal Reserve, Jerome H. Powell, said Friday in his keynote speech at the Fed’s annual economic conference …

'The time has come' to lower interest rates: Fed Chair Jerome Powell
4 months ago

'The time has come' to lower interest rates: Fed Chair Jerome Powell

NPR  

'The time has come' to lower interest rates: Fed Chair Jerome Powell toggle caption Drew Angerer/Getty Images North America Federal Reserve chairman Jerome Powell says he's increasingly confident that inflation will soon be tamed, setting the stage for the central bank to start cutting interest rates next month. Speaking at one of the most closely-watched annual gatherings of global central …

U.S. inflation slowed again in July, clearing the way for the Fed to begin cutting rates
4 months, 1 week ago

U.S. inflation slowed again in July, clearing the way for the Fed to begin cutting rates

LA Times  

A sale sign is displayed on a store clothes rack. Wednesday’s report from the Labor Department showed that consumer prices rose just 0.2% from June to July after dropping slightly the previous month for the first time in four years. At a news conference last month, Powell said that cooler inflation data this spring had strengthened the Fed’s confidence that …

Buckle up: Wall Street’s shaky July could be a preview for more sharp swings
4 months, 3 weeks ago

Buckle up: Wall Street’s shaky July could be a preview for more sharp swings

Associated Press  

NEW YORK — For more than a year, the U.S. stock market went in mostly one direction, up, and in mostly one manner, quietly. A bonanza around artificial-intelligence technology helped drive Big Tech stocks higher, while other areas of the market held up amid rising hopes for coming cuts to interest rates by the Federal Reserve. A measure of fear …

First interest rate cut in 4 years likely as the Federal Reserve meets
4 months, 3 weeks ago

First interest rate cut in 4 years likely as the Federal Reserve meets

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank’s first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy. Instead, Powell said that, if inflation continues to fall, “a reduction in our policy rate could be …

US Fed paves the way for pre-election rate cut
4 months, 3 weeks ago

US Fed paves the way for pre-election rate cut

The Telegraph  

The chairman of the US Federal Reserve has paved the way for a pre-election rate cut in a sign that the era of high borrowing costs around the world is coming to an end. Speaking after the Fed held borrowing costs in a range of between 5.25pc and 5.5pc for the eighth time, Mr Powell said: “The broad sense of …

Federal Reserve is edging closer to cutting rates. The question will soon be, how fast?
4 months, 3 weeks ago

Federal Reserve is edging closer to cutting rates. The question will soon be, how fast?

Associated Press  

WASHINGTON — Two years after launching an aggressive fight against inflation and one year after leaving its benchmark interest rate at a near-quarter-century high, the Federal Reserve is expected to signal this week that it will likely reduce borrowing costs as soon as September. Any signal that the Fed will rapidly cut rates could boost the economy and potentially lift …

Ex-regional Fed president: Inflation headed lower, with interest rates likely to follow
5 months, 1 week ago

Ex-regional Fed president: Inflation headed lower, with interest rates likely to follow

Associated Press  

WASHINGTON — Having worked in the Federal Reserve system her entire career, Loretta Mester rose to become president of the Cleveland Fed for a decade until her retirement on June 30. During most of her years on the Fed’s interest-rate-setting committee, Mester was likely to favor relatively higher interest rates to contain inflation. Yet in a recent interview Mester reiterated …

US inflation cools again, Fed may cut interest rates soon
5 months, 1 week ago

US inflation cools again, Fed may cut interest rates soon

Associated Press  

WASHINGTON — Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve. “This confirms that there is very little chance of inflation re-accelerating and that it’s time for some rate cuts from …

Further rate rises look increasingly possible, but would they fix inflation?
6 months ago

Further rate rises look increasingly possible, but would they fix inflation?

ABC  

After 13 interest rate hikes that sent home loan repayments soaring, we still have an inflation problem. Two years of rate rises have failed to slow the economy down enough to get inflation back within the RBA's preferred range. According to the RBA governor, aggregate demand continues to outstrip supply even though a large number of households are under extreme …

Federal Reserve sees some progress on inflation but envisions just one rate cut this year
6 months, 1 week ago

Federal Reserve sees some progress on inflation but envisions just one rate cut this year

Associated Press  

WASHINGTON — Federal Reserve officials said Wednesday that inflation has fallen further toward their target level in recent months but signaled that they expect to cut their benchmark interest rate just once this year. The policymakers’ forecast for one rate cut was down from their previous projection of three cuts, because inflation, despite having cooled in the past two months, …

Inflation eases in May, but major relief on interest rates not coming soon
6 months, 1 week ago

Inflation eases in May, but major relief on interest rates not coming soon

LA Times  

Federal Reserve Chair Jerome H. Powell and his colleagues at the central bank have kept interest rates at a more than 20-year high to fight inflation. The Federal Reserve has raised interest rates to the highest level in more than two decades to fight inflation, and on Wednesday policymakers said the fight wasn’t over. “But we don’t see ourselves as …

Are US interest rates high enough to beat inflation? The Fed will take its time to find out
7 months, 1 week ago

Are US interest rates high enough to beat inflation? The Fed will take its time to find out

Associated Press  

WASHINGTON — The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year. “That would suggest that they either need to stay high for longer or maybe even higher for …

Are US interest rates high enough to beat inflation? The Fed will take its time to find out
7 months, 1 week ago

Are US interest rates high enough to beat inflation? The Fed will take its time to find out

Associated Press  

WASHINGTON — The sharp interest rate hikes of the past two years will likely take longer than previously expected to bring down inflation, several Federal Reserve officials have said in recent comments, suggesting there may be few, if any, rate cuts this year. “That would suggest that they either need to stay high for longer or maybe even higher for …

The Fed indicated rates will remain higher for longer. What does that mean for you?
7 months, 2 weeks ago

The Fed indicated rates will remain higher for longer. What does that mean for you?

LA Times  

A sign highlighting the financing interest rate is displayed near the price sticker on an unsold vehicle at a Mercedes-Benz dealership. Mortgage rates, credit card rates, auto loan rates and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates …

The Fed indicated rates will remain higher for longer. What does that mean for you?
7 months, 3 weeks ago

The Fed indicated rates will remain higher for longer. What does that mean for you?

Associated Press  

NEW YORK — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the Federal Reserve indicated Wednesday that it doesn’t plan to cut interest rates until it has “greater confidence” that price increases at the consumer level are slowing to its 2% target. …

The Fed indicated rates will remain higher for longer. What does that mean for you?
7 months, 3 weeks ago

The Fed indicated rates will remain higher for longer. What does that mean for you?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Fed officials vote to hold interest rates steady at 23-year-high - here's what it means for YOUR wallet
7 months, 3 weeks ago

Fed officials vote to hold interest rates steady at 23-year-high - here's what it means for YOUR wallet

Daily Mail  

It is the sixth consecutive time the Fed has kept rates at the same level Rates are currently between 5.25 and 5.5 percent - their highest in 23 years Federal Reserve votes to hold interest rates steady at their current range The Federal Reserve has voted to hold interest rates steady at their current 23-year-high, officials announced today. The Federal …

Fed keeps interest rates at 23-year high
7 months, 3 weeks ago

Fed keeps interest rates at 23-year high

NPR  

Fed keeps interest rates at 23-year high Enlarge this image toggle caption Justin Sullivan/Getty Images Justin Sullivan/Getty Images The Federal Reserve voted to keep interest rates at a 23-year high on Wednesday, as the central bank tries to curb stubborn inflation. "Inflation has eased over the past year but remains elevated," the Fed's rate-setting committee said in a statement. Sponsor …

Wages, employment, inflation are up, causing headaches for the Fed
7 months, 3 weeks ago

Wages, employment, inflation are up, causing headaches for the Fed

NPR  

Wages, employment, inflation are up, causing headaches for the Fed Enlarge this image toggle caption Michael Mathes/AFP via Getty Images Michael Mathes/AFP via Getty Images The Federal Reserve has promised to be "data driven" in deciding when to cut interest rates. "I think it's clear at this point that the progress that we've made lowering inflation towards target has stalled," …

Fed’s Powell: Elevated inflation will likely delay rate cuts this year
8 months, 1 week ago

Fed’s Powell: Elevated inflation will likely delay rate cuts this year

Associated Press  

WASHINGTON — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Powell’s comments make it clear the Fed is now looking past June,” when many economists had previously expected rate cuts to begin, Krishna Guha, an analyst …

Higher gas and rents keep US inflation elevated, likely delaying Fed rate cuts
8 months, 2 weeks ago

Higher gas and rents keep US inflation elevated, likely delaying Fed rate cuts

Associated Press  

WASHINGTON — Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it considers how often — or even whether — to cut interest rates this year. “The lack of moderation in inflation will undermine Fed officials’ …

When will Fed cut rates? As US economy flexes its muscles, maybe later or not at all
8 months, 2 weeks ago

When will Fed cut rates? As US economy flexes its muscles, maybe later or not at all

Associated Press  

WASHINGTON — Ever since the Federal Reserve signaled last fall that it was likely done raising interest rates, Wall Street traders, economists, car buyers, would-be homeowners — pretty much everyone — began obsessing over a single question: When will the Fed start cutting rates? Despite the Fed’s aggressive streak of rate hikes in 2022 and 2023, which sent mortgage rates …

Powell: Fed still sees rate cuts this year; election timing won’t affect decision
8 months, 3 weeks ago

Powell: Fed still sees rate cuts this year; election timing won’t affect decision

Associated Press  

WASHINGTON — Federal Reserve officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday, despite recent reports showing that the U.S. economy is still strong and that U.S. inflation picked up in January and February. materially change the overall picture,” Powell said in a speech at Stanford University, “which continues to be one of …

Fed rate outlook looks just right for banks
8 months, 4 weeks ago

Fed rate outlook looks just right for banks

Live Mint  

When it comes to interest rates, banks need a Goldilocks scenario: Not too hot, not too cold. Surging interest rates gave banks plenty of headaches, to put it mildly, ranging from a rapid repricing of deposits to a plunge in the value of their longer-term fixed-rate securities. Fed policymakers last week left unchanged their median forecast implying three quarter-point rate …

Federal Reserve foresees 3 rate cuts in 2024 despite bump in inflation
9 months ago

Federal Reserve foresees 3 rate cuts in 2024 despite bump in inflation

Associated Press  

WASHINGTON — Federal Reserve officials signaled Wednesday that they still expect to cut their key interest rate three times in 2024, fueling a rally on Wall Street, despite signs that inflation remained elevated at the start of the year. Speaking at a news conference, Chair Jerome Powell said the surprising pickup in inflation in January and February hadn’t fundamentally changed …

Federal Reserve holds interest rates steady, projects three rate cuts later this year
9 months ago

Federal Reserve holds interest rates steady, projects three rate cuts later this year

NPR  

Federal Reserve holds interest rates steady, projects three rate cuts later this year Enlarge this image toggle caption Chip Somodevilla/Getty Images Chip Somodevilla/Getty Images The Federal Reserve held interest rates steady on Wednesday, but policymakers signaled they still expect to start cutting rates later this year. Updated forecasts from members of the Fed's rate-setting committee show an average of three …

Federal Reserve is likely to preach patience as consumers and markets look ahead to rate cuts
9 months ago

Federal Reserve is likely to preach patience as consumers and markets look ahead to rate cuts

Associated Press  

WASHINGTON — Across the United States, many people are eagerly anticipating the Federal Reserve’s first cut to its benchmark interest rate this year: Prospective home buyers hope for lower mortgage rates. Excluding volatile food and energy costs, so-called “core” prices rose at a monthly pace of 0.4% in both January and February, a pace far higher than is consistent with …

US inflation unexpectedly rises to 3.2%, dampening hopes of Fed's interest rate cuts in March
9 months, 1 week ago

US inflation unexpectedly rises to 3.2%, dampening hopes of Fed's interest rate cuts in March

Hindustan Times  

US consumer prices witnessed a surge in monthly and annual rates in February, as per the inflation figures issued by the Labour Department on Tuesday. The consumer price index, a frequently followed inflation indicator, climbed 3.2 percent annually in February and 0.4 percent last month alone. Since March 2022, the Fed has progressively raised interest rates through periodic adjustments, bringing …

Inflation is nearly back to 2%. So why isn’t the Federal Reserve ready to cut rates?
10 months, 2 weeks ago

Inflation is nearly back to 2%. So why isn’t the Federal Reserve ready to cut rates?

Associated Press  

WASHINGTON — From Wall Street traders to car dealers to home buyers, Americans are eager for the Federal Reserve to start cutting interest rates and lightening the heavy burden on borrowers. “If interest rates can come down, I think we’re going to start selling more cars.” Kelleher is likely to get his wish by May or June, when most economists …

Why now is a crucial time to pay off credit card debt
10 months, 2 weeks ago

Why now is a crucial time to pay off credit card debt

Associated Press  

NEW YORK — For Americans who lacked savings prior to the pandemic, financial stress is rising. A combination of inflation, increased interest rates, and the end of pandemic-tied relief, such as the moratorium on student loan payments, has led to record credit card debt, experts say. The New York Fed’s report found that 6.4% of credit card debt was delinquent …

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