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The Federal Reserve has announced that soon interest rates on credit cards, home equities, federal student loans, and auto loans will be increasing more by the end of 2022.

What does this mean for you?

The Federal Reserve believes that increasing the interest rates on credit cards will show today’s inflation a much clearer sign of a pullback.

If you have credit card debts and you’re carrying a balance over 24% most likely you will see a much higher monthly payment due when you receive your next monthly bill.

“With this rate hike, consumers with credit card debt will spend an additional $4.8 billion on interest this year alone, according to an analysis by WalletHub.” - Article on WalletHub & Apple News.

What can you do?

According to the Article on Apple News - Interest Rates on credit cards will see a 19% more increase by the end of 2022.

Paying off your credit card balance every month will help you avoid interest rates. Now, if you’re carrying a balance and you’re only paying the minimum due you’re more likely to pay a higher interest rate.

A consumer carrying a $5,000 credit card debt and only paying the minimum will more likely pay an additional $868 more in interest rates and this is only if the consumer is just paying down the card balance to completely pay it off.

Try calling your credit card issuer and request for a lower interest rate. You can also try transferring your balances to an interest-free balance transfer credit card or a credit card with 0% APR for 15 or 18 months.

This Inflation it’s already taking its toll on consumers financially. The Federal Reserve in hopes assures that by Spring of 2023 consumers will see a much positive change and lower interest rate.
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