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From credit cards to mortgages, it’s suddenly a lot more expensive to borrow money.
The Federal Reserve has raised its benchmark short-term rate 3 percentage points since March in an effort to curb unrelenting inflation, with another rate hike likely on the way next week.
“Borrowers are feeling the squeeze from both sides as inflation has stretched household budgets while borrowing costs for homebuyers, car buyers and credit card borrowers have increased at the fastest pace in decades,” said Greg McBride, chief financial analyst at Bankrate.com.
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Source cnbc.com
