Jacksonville FL — With the Federal Reserve poised to raise interest rates as soon as next month to curb inflation, Consumer Warrior Clark Howard says that is a story worth following since it will have an impact on your wallet. Clark says once interest rates go up, certain things will start to cost more like car loans, potentially mortgages, and credit cards.
“But there’s a good thing, your savings accounts are gonna start earning more”. Clark says.
Clark says if the central bank gets really freaked out about inflation and keeps pushing interest rates up, then that could lead to the slowing of the economy and fewer jobs available. Clark says if they keep pushing interest rates up, then layoffs could happen.
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