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What the Fed rate increase means for your credit card bill

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Published 12:16 PM

By ADRIANA MORGA and CORA LEWIS
Associated Press

NEW YORK (AP) — The Federal Reserve has raised its key rate by another quarter point, bringing it to the highest level in 15 years. It’s part of an ongoing effort to ease inflation by making borrowing more expensive. If you have money to save, you’ll probably earn a bit more interest on it, but the increase will make it even costlier to borrow for homes, autos and other purchases. The interest rate increase comes at a time when credit card debt is at record levels.

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