HOW WILL THIS AFFECT CREDIT CARD RATES?
John Leer, chief economist at Morning Consult, a survey research firm, said its polling suggests that more Americans are spending down the savings they accumulated during the pandemic and are using credit instead. Eventually, rising rates could make it harder for those households to pay off their debts.
Key, though, is the monthly payment, on which most people base their automobile purchases. Edmunds says that since March it’s up $46 to $703 for new vehicles. The payment is up $21 per month for used vehicles to $564. In general, banks tend to capitalize on a higher-rate environment to boost their profits by imposing higher rates on borrowers, without necessarily offering juicer rates to savers., its highest point in 14 years, meaning that rates on home loans are about twice as expensive as they were a year ago.
Higher rates mean that safe assets like Treasuries have become more attractive to investors because their yields have increased. That makes risky assets like technology stocks and cryptocurrencies less attractive, in turn. The goal is to slow consumer spending, thereby reducing demand for homes, cars and other goods and services, eventually cooling the economy and lowering prices.WHAT ABOUT MY JOB?
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