Jessica Dickler | CNBC | Dec 21st, 2018
Category: Financial News
With the Federal Reserve's latest quarter-point interest rate increase (and still more likely to come), few consumers are left unscathed. The decision affects rates on all kinds of borrowing, from home mortgages to credit cards.
Despite pressure from President Donald Trump and members of his administration, the Fed made its ninth hike in three years and pushed the federal funds rate target to a new range of 2.25 to 2.5 percent (its highest level in a decade). That rate is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate loans.