The era of dirt-cheap borrowing is over: The Federal Reserve is trying to slam the brakes on the economy, and the cost to borrow is going up as it rushes to contain inflation. Here's how the Fed's rate hike will hit you.
. Credit card rates, tied closely to the Fed's moves, are expected to keep rising — squeezing consumers who carry a balance.: Rising interest rates and increasing prices had already pushed the average monthly car payment to an all-time high of $656 for new vehicles and $546 for used rides, per Edmunds.
New-car borrowers agreed to an average interest rate of 5.1% in May, up from 4.5% a year earlier and the highest level since March 2020. Automakers and car dealers may be hesitant to let rates go too much higher for fear of chasing away customers, Edmunds executive director of insights Jessica Caldwell said in a written analysis.: Some savers may see at least some relief, in the form of earning a bit more on money parked in savings, depending on the bank. But because inflation is rising far faster than any of those rates, money in savings is still being eroded.
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