For months on end, inflation has been rampant. And consumers have been struggling to pay for essentials like gas, groceries, and utilities. The problem has gotten so bad that many people are depleting their savings and racking up credit card debt just to stay afloat.
Meanwhile, the Federal Reserve just took a huge step to help combat inflation — it hiked interest rates by three-quarters of a percentage point. That’s the largest rate hike since 1994. And it means that borrowing is about to get a lot more expensive.
Will rate hikes cool down inflation?
The post Fed Raises Rates by 0.75%. Here’s What That Means for Borrowers originally appeared at The Motley Fool.