![]() ![]() "But the cumulative effect of rate hikes is what is really going to have an impact on both the economy and household budgets."ī advises consumers to consider balance transfer card options to pay off their credit card debt. “The impact of a single quarter-point interest rate hike is inconsequential on the household budget," 's chief financial analyst Greg McBride told CNBC. And with the Fed expected to raise its benchmark rate to between 1.75% and 2% by year's end, many more could be stuck paying higher interest on their balance. ![]() While a quarter point increase might not spur financial ruin for borrowers with low balances, those with larger credit debts will likely feel the impact at time when the cost of living is already surging. Deadly Fungal Infection Spreading at an Alarming Rate, CDC SaysĪ rate hike would increase interest rates for cardholders and borrowers with variable APRs. ![]()
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