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10/1/2022 What the Fed's Third 75-Basis Point Interest Rate Hike Means For You
Citing persistent inflation, the Federal Reserve raised interest rates by three-quarters of a point.
• Everything from mortgages and credit cards to student and car loans will be impacted.
• Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rises, the prime rate does as well, and your credit card rate follow suit within one or two billing cycles.
• The Fed’s latest move could push up the average interest rate on a new car loan past six percent, although consumers with higher credit scores may be able to secure better loan terms.
• On the flip side, higher interest rates also mean savers will earn more money on their deposits.
• Everything from mortgages and credit cards to student and car loans will be impacted.
• Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rises, the prime rate does as well, and your credit card rate follow suit within one or two billing cycles.
• The Fed’s latest move could push up the average interest rate on a new car loan past six percent, although consumers with higher credit scores may be able to secure better loan terms.
• On the flip side, higher interest rates also mean savers will earn more money on their deposits.
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By McClure CapitalCiting persistent inflation, the Federal Reserve raised interest rates by three-quarters of a point.
• Everything from mortgages and credit cards to student and car loans will be impacted.
• Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rises, the prime rate does as well, and your credit card rate follow suit within one or two billing cycles.
• The Fed’s latest move could push up the average interest rate on a new car loan past six percent, although consumers with higher credit scores may be able to secure better loan terms.
• On the flip side, higher interest rates also mean savers will earn more money on their deposits.
• Everything from mortgages and credit cards to student and car loans will be impacted.
• Since most credit cards have a variable rate, there’s a direct connection to the Fed’s benchmark. As the federal funds rate rises, the prime rate does as well, and your credit card rate follow suit within one or two billing cycles.
• The Fed’s latest move could push up the average interest rate on a new car loan past six percent, although consumers with higher credit scores may be able to secure better loan terms.
• On the flip side, higher interest rates also mean savers will earn more money on their deposits.