The Federal Reserve is hoping increasing the interest rate for the third time will slow down consumer spending.
CHICAGO --The bottom line is you could pay more on money on your credit cards if you carry a balance and pay higher interest rates on new auto and home loans, meaning you'll get less house or car for your money. But there are some things you can do to save.
"For someone who's carrying $18,000 worth of credit card debt, which our client our average client carries that much when they come to us for help, it's going to mean about $4,500 added interest over the lifetime of repayment if you're only making the minimum payments," he said. If you have a big balance on your credit cards, first write out a budget of what you owe and what money is coming in and know your interest rates. Pay off the card with the highest interest rate and pay the minimum on the others.
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