How the Federal interest rate hikes could affect you

MEDFORD, Ore.– Interest rates have already been raised twice this year and more could be on the way.

Bill Ihle from consumer credit counseling said if you have credit card debt, you should expect higher payments soon.

“Most people’s credit cards are variable rate, and so they won’t see it immediately,” Ihle said, “But probably in their next billing cycle, they’re going to see an increase in percentage, a rate increase there.”

Ihle recommended having a rainy day fund instead of relying on credit cards.

He also recommended not maxing out your credit card to avoid some of those higher fees.

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Former NBC5 News reporter Derek Strom is from Renton, Washington. He recently graduated from the Edward R. Murrow College of Communications at Washington State University with a degree in Broadcast News and a minor in Sports Management. He played in the drumline with the WSU marching band. These days, he plays the guitar and piano. Derek is a devoted fan of the Mariners, Seahawks, and Kraken.
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