What the Fed’s Rate Hike Means For Your Credit Card Debt

Heres what the hike means for your debt (and what you should do about it).

Economist Megan Green tells NPR that credit card holders will be impacted the most.

Other debt is pegged to the long-term rate, which is less related.

So I think that the biggest losers from a Fed hike are really credit card debt holders.

Most credit cards are variable-rate cards, so those rates are pegged to the Feds policy rates.

Theyll have a harder time servicing their debt as well.

(Although,studies do show the Snowball method is incredibly effectivefor paying off debt overall).

Preparing For The Feds Planned Interest Rate Hike| NPR

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