Whatever the Fed is up to, it’s always a great time to make a plan to pay down your high-interest credit card debt.
The cost of everything keeps creeping up. And if you happen to have credit card debt, that’s about to get a bit more expensive too, thanks to a series of interest rate increases beginning this month.
With inflation at its highest rate since the early 1980s, the Federal Reserve is adjusting interest rates to hopefully restabilize the U.S. economy. In short, the Fed changes the federal funds rate, which alters the prime rate — that’s the rate banks charge customers with high credit ratings. Credit card issuers add onto the prime rate to set their interest rates, so when the prime rate goes up, so does what you’ll pay when you’re in debt.
Technically, that means it’s not so much a rate hike as it is a gentle uphill slope. But $800 was already a lot, and that’s without accounting for the fact that you’ll still need to spend additional money you might not be able to pay back. The bills don’t stop just because you’re in debt.
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