The Federal Reserve kept its federal funds rate unchanged. Here’s what that means for your credit card debt.
The Federal Reserve’s Federal Open Market Committee (FOMC) meeting concluded earlier today. And, the Fed announced that it will be . That means that this benchmark rate will remain elevated . That’s bad news for borrowers because the federal funds rate affects the benchmark for consumer interest rates.
But what if you have credit card debt? What does the Federal Reserve’s decision to keep its benchmark rate unchanged mean in terms of your and ?
Find out how a debt relief service can help you eliminate credit card debt now.What the Federal Reserve’s news means for your credit card debt
The Federal Reserve’s decision to keep its federal funds rate target unchanged means that elevated credit card interest rates, and in turn, minimum payments, may not fall any time soon. And that could be a painful reality if you have , especially in . But, a could provide the relief you need to make it through this inflationary period.
« As inflation continues, borrowers who are barely scraping by should consider debt relief services because it can help them climb out of overwhelming debt, » explains Ryan Moore, financial advisor at the retirement planning firm, TBS Retirement Planning. So, ?Debt relief could get you a lower interest rate
One way that debt relief services can help you is by reducing your interest rate – which could provide meaningful relief with the federal funds rate being so high.
