Category: Financial News

Here’s how that Fed rate hike will impact you 

Jessica Dickler | CNBC | Dec 21st, 2018
Category: Financial News

  • The latest quarter-point increase brings the federal funds rate to a new range of 2.25 to 2.5 percent, which will have far-reaching consequences for consumers.
  • That can be both good and bad. Here's a breakdown of what could happen to your student loan tab, savings account, mortgage, car loan and credit card.

With the Federal Reserve's latest quarter-point interest rate increase (and still more likely to come), few consumers are left unscathed. The decision affects rates on all kinds of borrowing, from home mortgages to credit cards.

Despite pressure from President Donald Trump and members of his administration, the Fed made its ninth hike in three years and pushed the federal funds rate target to a new range of 2.25 to 2.5 percent (its highest level in a decade). That rate is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate loans.

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