Examining what the Fed rate hikes may mean for your wallet

Cash money
Posted at 5:43 PM, Mar 16, 2022
and last updated 2022-03-16 19:15:03-04

(WXYZ) — Now that the Fed has announced a rate hike in their efforts to fight inflation, many people are wondering if they're in for a one-two punch with higher interest rates and higher prices.

Joining us for the 7 UpFront segment to talk about what the rate hikes could mean for your money is Personal Finance Expert with Budget Wise Consulting Robin Thompson.

You can see the full interview in the video player above.

"I believe we should look to all forms of debt, beginning with credit cards," Thompson says. "Because most credit cards have a variable rate, which means that's a direct connection to this Fed's benchmark. With the rising rates, people will see an increase in their minimum payments."