Key takeaways
- Interest rate changes have an immediate effect on revolving debts like credit cards.
- Secured loan interest rates don’t rise or fall as much as unsecured loan rates.
- Mortgage debt interest rates don’t fluctuate like other types of secured debt.
Interest rate changes have an impact on every dollar you borrow. They can make or break the affordability of the car you drive, the house you live in or the college you attend. Most U.S. adults (70%) carry some form of debt ranging from credit cards, mortgages and auto loans to student loans and personal loans.
Knowing how interest rate changes affect debt can help you make better decisions about credit and get you on firm financial footing. Not knowing can lead to unpleasant su…
Read the full article at: https://www.bankrate.com/loans/personal-loans/how-interest-rates-affect-debt/