How the Fed rate hike will affect your finances
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