If, as expected, the Federal Reserve raises interest rates yet again Wednesday in its drive to cool inflation, much of America will be directly affected.
NEW YORK —
The Fed’s goal is to slow consumer spending, thereby reducing demand for homes, cars and other goods and services, eventually cooling the economy and lowering prices. For those who don’t qualify for low-rate credit cards because of weak credit scores, the higher interest rates are already affecting their balances.The Fed doesn’t directly dictate how much interest you pay on your credit card debt. But the Fed’s rate is the basis for your bank’s prime rate. In combination with other factors, such as your credit score, the prime rate helps determine the Annual Percentage Rate, or APR, on your credit card.
While the biggest national banks have yet to dramatically change the rates on their savings accounts , some mid-size and smaller banks have made changes more in line with the Fed’s moves. Since the Fed began raising rates in March 2022, the average new-vehicle loan rate has jumped from 4.5% to 7%, according to Edmunds data. Used vehicle loans dropped slightly to 11.1%. Loan durations average around 70 months — nearly six years — for new and used vehicles.
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