"The Ramsey Show" co-host explains how the Fed's latest rate hike could affect credit cards, mortgages and savings. The Federal Reserve's first interest rate hike in more than three years is likely to increase borrowing costs for many consumers, particularly those carrying variable-rate debt such as credit cards and home equity lines of credit. Earlier this month, the Fed voted unanimously to raise its benchmark federal funds rate by 25 basis points, lifting its target range from 3.5%-3.75% to 3.75%-4%. The increase marked the central bank's first rate hike since July 2023 after holding rates steady through its first five meetings of the year. For consumers, the biggest impact will likely come through higher borrowing costs.
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