How steep interest rate hikes impact your finances

increases interest rates

"The new rate pretty dramatically increases your monthly payments and your cost," he said. "It also affects consumers who have a lot of credit card debt — that will hit right away." 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.A car-buying expert gives a few tips and tricks for consumers looking to buy a car.

I never expected this station to know a damn thing about economics. Lo and behold, they still don't.

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