Today’s high interest rate environment can make credit card debt expensive. With the federal funds rate frozen at a 23-year high, interest rates on credit cards and other debts are elevated. But, that could change soon.
The inflation report for June showed that price growth is continuing to cool in the United States. And, there’s a clear correlation between inflation and interest rates. When price growth slows, stagnates or falls, it gives the Federal Reserve cause to reduce its federal funds rate, which typically impacts consumer interest rates.
And since credit card debt usually comes with variable rates, you may wonder whether the new in…
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