Your car note, credit cards, savings account and other loan interest rates could go up again beginning next year. The Federal Reserve has recently announced the fourth interest rate hike of the year. Interest rates will spike from 2.25% to 2.5%. Financial experts believe that although the range of the spike will vary, this spike will likely impact everyone.
Credit card users will experience the effect first because those rates are directly in line with the Federal Reserve’s increases. With this increase being the fourth hike of 2018, federal interest rates are still at historically low levels.