What the Fed rate increase means for your credit card bill
1 year, 9 months ago

What the Fed rate increase means for your credit card bill

Associated Press  

NEW YORK — The Federal Reserve raised its key rate by another quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive. The interest rate increase comes at a time when credit card debt is at record levels. Here’s what the increase means for your credit card bill and what you can do if you’re carrying debt: HOW DOES THE FED DECISION AFFECT CREDIT CARD DEBT? But if, for example, you have a $4,000 credit balance and your interest rate is 20%, if you only make a fixed payment of $110 per month, it would take you a bit under five years to pay off your credit card debt and you would pay approximately $2,200 in interest. Courtney Alev, consumer financial advocate at Credit Karma, said that knowing the Annual Percentage Rate, or APR, on your card is an important first step for anyone looking to get out of credit card debt.

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History of this topic

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 …

Fed holds steady on interest rates but hints a further hike could be on the way this year - what does it mean for YOUR pocket?
1 year, 3 months ago

Fed holds steady on interest rates but hints a further hike could be on the way this year - what does it mean for YOUR pocket?

Daily Mail  

The Federal Reserve has held interest rates steady - keeping benchmark borrowing costs between 5.25 and 5.5 percent. The Federal Reserve has held interest rates steady - keeping benchmark borrowing costs between 5.25 and 5.5 percent Chairman Jerome Powell spoke to reporters at a press conference following the announcement While high interest rates are good news for those with money …

How a Fed increase could affect credit card debt, auto loans
1 year, 7 months ago

How a Fed increase could affect credit card debt, auto loans

Associated Press  

NEW YORK — The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect most Americans. Rates on credit cards, mortgages and auto loans, which have been surging since the Fed began raising rates last year, all stand to rise even more. Economists worry, though, that the Fed’s …

How the Fed's latest rate hike will hit your wallet
1 year, 7 months ago

How the Fed's latest rate hike will hit your wallet

Daily Mail  

The Federal Reserve has raised its key interest rate yet again in its drive to cool inflation, a move that will directly affect many Americans through higher borrowing rates. Rates on credit cards and auto loans, which have been surging since the Fed began raising rates last year, will rise even more, with WalletHub projecting the latest rate hike will …

How a Fed increase could affect credit card debt, auto loans
1 year, 7 months ago

How a Fed increase could affect credit card debt, auto loans

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. Rates on credit cards, mortgages …

Here’s what the Fed interest rate hike means for you
1 year, 10 months ago

Here’s what the Fed interest rate hike means for you

Associated Press  

NEW YORK — The Federal Reserve raised its key rate by a quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive. “It’s already been a really rough year with folks with credit card debt, and it’s only going to get worse,” said credit …

Here’s what the Fed interest rate hike means for you
1 year, 10 months ago

Here’s what the Fed interest rate hike means for you

Associated Press  

NEW YORK — The Federal Reserve raised its key rate by a quarter point Wednesday, bringing it to the highest level in 15 years as part of an ongoing effort to ease inflation by making borrowing more expensive. “It’s already been a really rough year with folks with credit card debt, and it’s only going to get worse,” said credit …

Fed rate hike is smallest in nearly a year. It will still impact your money.
1 year, 10 months ago

Fed rate hike is smallest in nearly a year. It will still impact your money.

CBS News  

What the latest Federal Reserve interest rate hike means for the U.S. economy The Federal Reserve on Wednesday made its eighth consecutive rate hike since March of 2022. Uncertainty abounds "The Fed's interest rate movements may be less or smaller than last year, but that doesn't take away the majority of the uncertainty," said Wei Hu, head of financial research …

How the Fed’s rate hikes could affect your finances
2 years ago

How the Fed’s rate hikes could affect your finances

Associated Press  

NEW YORK — The Federal Reserve’s move Wednesday to raise its key rate by a half-point brought it to a range of 4.25% to 4.5%, the highest level in 14 years. The Fed’s latest increase — its seventh rate hike this year — will make it even costlier for consumers and businesses to borrow for homes, autos and other purchases. …

How steep fed rate hikes affect your finances
2 years, 1 month ago

How steep fed rate hikes affect your finances

Associated Press  

NEW YORK — Mortgage rates continue to jump, home sales slump and credit cards and auto loans increase. As the Federal Reserve steadily increases interest rates, many economists say they fear that a recession remains inevitable in the coming months — and with it, job losses that could cause hardship for households already hurt worst by inflation. Even before the …

How steep Fed rate hikes affect your finances
2 years, 3 months ago

How steep Fed rate hikes affect your finances

Associated Press  

NEW YORK — Mortgage rates have jumped, home sales have slumped and credit cards and auto loans have gotten pricier. 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 …

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 …

The Fed Issued Its Biggest Rate Hike In 22 Years. Here's How That Will Affect Your Finances
2 years, 7 months ago

The Fed Issued Its Biggest Rate Hike In 22 Years. Here's How That Will Affect Your Finances

Huff Post  

Record-low mortgages below 3% are long gone. But additional large hikes are expected to be announced at the Fed’s next two meetings, in June and July, and economists and investors foresee the fastest pace of rate increases since 1989. The result could be much higher borrowing costs for households well into the future as the Fed fights the most painfully …

US Federal Reserve raises key interest rate by half a percentage point, its biggest hike since 2000
2 years, 7 months ago

US Federal Reserve raises key interest rate by half a percentage point, its biggest hike since 2000

India TV News  

Highlights The Federal Reserve intensified its fight against the worst inflation in 40 years. The Federal Reserve intensified its fight against the worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signaling further large rate hikes to come. The increase in the Fed’s …

Fed raises key rate by a half-point in bid to tame inflation
2 years, 7 months ago

Fed raises key rate by a half-point in bid to tame inflation

The Hindu  

The United States Federal Reserve intensified its fight against the country’s worst inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point Wednesday — its most aggressive move since 2000 — and signalling further large rate hikes to come. The increase in the Fed's key rate raised it to a range of 0.75% to 1%, …

Americans will feel the impact as Fed raises rates. Here's what you should know
2 years, 9 months ago

Americans will feel the impact as Fed raises rates. Here's what you should know

NPR  

Americans will feel the impact as Fed raises rates. Sponsor Message "It starts to push it from, like, 'we could maybe make it work' to the point where you're just like, 'it's not worth it,' " says Zach Gubran of Fort Collins, Colorado. "Higher mortgage rates may be helpful in cooling the housing market," says Selma Hepp, an economist with …

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