The Federal Reserve has raised interest rates for the first time since 2018 with seven more interest rate increases in 2022. What does this mean for you when it comes to your finances?
Credit Cards
If you have credit card debt you may owe more interest every month until you pay off your balance.
Savings Accounts
Banks increase savings rates on their own schedule. You may or may not notice a change in your savings account.
Variable-Rate Loans
Contact your lender and ask when your interest rate will change and what it will be. Consider refinancing to a fixed interest rate.
Interest Rates for New Loans
Interest rates are still low. Better to act now if you are considering a new loan or refinancing an existing one.
Investments
Interest Rates may or may not affect your investments since there are many other factors.
Read More about how your finances may be affected here https://mint.intuit.com/blog/inflation/interest-rate
