Your Credit Cards Just Got More Expensive

The recent decisions by the Federal Reserve to hike up the nation’s interest rates are projected to cost consumers up to $192 million more per month on their credit card balances — starting this month, according to Federal Reserve data.

The recent increases–beginning in December 2016– mark the first time that U.S. interest rates have been raised since 2006. The rate increase will be felt by those who have variable rate accounts — most notably credit cards — within the next one or two billing cycles. And if the Federal Reserve boosts rates two more times before the end of the year, as is forecasted, carrying a credit balance will cost you even more.

How this impacts the “average person”

Read more.

Featured image by Petr Kratochvil

Published by Hill Writing & Editing

Denise Hill is currently a speech writer and senior editor at a government agency and also a professional freelance writer and editor. She has written and published over 200 online articles, ghostwritten a book and has an array of publishing and editing experience. She is a competent, creative and a deadline driven professional.

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