April 14, 2016
If you have unpaid credit card balances, your situation could soon progress from very expensive to ridiculously expensive.
The majority of credit cards charge interest rates that move up and down based on the level of benchmark indexes, and those benchmarks tend to move in lockstep with what happens to the Federal Funds rate controlled by the Federal Reserve. When the Fed raises its interest rate that means that credit card interest rates are headed higher. And in December the Fed raised its interest rate for the first time since 2006.