Federal Reserve hikes interest rates for the second time in 3 mo - Tri-State News, Weather & Sports

Federal Reserve hikes interest rates for the second time in 3 months

(WFIE) (WFIE)
(WFIE) -

Amid an improving economy, the Federal Reserve hiked interest rates for the second time in three months. That means the cost of borrowing is going up.  

It affects everyone thinking about buying a house or a car or paying off your plastic.

The Federal Reserve took action affecting credit cards, mortgage, and car loans. The Federal Chair announced the benchmark interest rate will rise 0.25 of a point.  

This growing confidence in the U.S. economy has some impact on consumers, not much at first, but a sign of higher rates to come.  

For credit cards, a $16,000 debt means paying an extra $40 a year. The average car loan of $25,000 will cost an extra $36 a year.  

The biggest impact will be on people shopping for a new home

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