Money Matters: Fed Raising Rates
COLUMBIA, S.C. (WIS) - What exactly has the Federal Reserve done this year in raising rates?
So far this year they have raised rates by 3% and they have given every indication they will continue to do so this year and maybe into next year. They said inflation is the biggest threat to our economy and are going to take some drastic things to avoid letting it get carried away.
How does this impact the economy and consumers? So the first area it impacts is in interest rates on things like credit cards, cars, and houses are seeing their rates go up. However, this also means things like savings may also see higher rates.
On the flip side, two areas that the Fed is looking at are driving down home values and rising up unemployment.
What can we do to protect ourselves?
Any time the Fed talks about raising unemployment we should be paying attention. We should be locking in rates, so if you have a variable-rate loan now is the time to lock it in. Also, look to avoid making purchases of excessive items. Avoid excessive risks and check into your job security.
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