How the Fed rate hike will affect your finances

How the Fed rate hike will affect your finances

 

How the Fed rate hike will affect your finances
(© Flickr Creative Commons G.L. Barone)

Here’s what the Federal funds rate increase means to your credit card bill, student loan tab, mortgage and other loans.

  • June’s quarter-point increase in the federal funds rate has far-reaching consequences for consumers.
  • Here’s a breakdown of what could happen to your student loan tab, savings account, mortgage, car loan and credit card.
  • For those who carry a balance on their credit cards, the quarter-percentage-point increase will cost roughly $1.5 billion in extra finance charges this year……..

Source: How the Fed rate hike will affect your finances CNBC.com

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