Economics
Credit Cards at 20%, Mortgages Near 6%: The Fed's Rate Hikes Are Already Having an Impact
- Americans are feeling the sting from Fed’s interest-rate hike
- Homebuyers, small businesses see a surge in debt costs
This article is for subscribers only.
US credit-card rates have soared past 20%, mortgage costs have climbed to the highest since 2008 and companies are having a harder time borrowing money.
The Federal Reserve’s aggressive rate-hiking cycle to tame decades-high inflation is expected to take months to fully filter through the economy. But the impact has been immediate for the millions of people who need a loan today to pay bills, go to college, buy a home or expand their business.