And what it means for your finances
How Interest Rates Affect You
Following the latest meeting
The Federal Reserve voted to leave interest rates the same at its most recent meeting. Interest rates affect everything from credit cards to mortgages and loans.
If interest rates tick up, so do variable interest rates on credit cards and mortgages. Taking out things like student and auto loans becomes more expensive, too. But rising rates also means interest on savings will increase. If they go down, borrowing becomes more affordable, but returns on savings won’t be as high.
Knowing more about how the Federal Funds Rate works can help you make smarter financial decisions. We tell you everything you need to know in our explainer.
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