Americans should prepare to pay higher interest on their loans. On Wednesday, the Federal Reserve raised its benchmark rate in an effort to curb rising prices for things like food, gasoline and even lumber. via CB_Cotton
In short, the Fed increased interests rates in an effort to keep consumers and businesses from spending as much. Eventually, prices are supposed to drop.
"[The Fed is] also trying to maximize employment and create an environment for economic growth," Hughen said."What they did today was really thread the needle." "Now's a good time to use assets — cash to pay down your home equity line of credits, as well as your credit card loans — before those interest rates really start to impact your budget," he said.
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