Right now, millions of Americans are feeling the lingering burn caused by a mix of inflation and elevated interest rates. Not only are today’s housing, groceries, fuel and other consumer goods prices much higher than they were just a few years ago, but borrowing costs are also much higher, too. And, while the Federal Reserve’s rate hikes over the last couple of years have helped bring down the inflation rate from its peak of over 9%, the current inflation rate is still too high at 3.4%.
In turn, the Fed is keeping its benchmark rate paused at a 23-year high to try and bring inflation down to their 2%…
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