Inflation climbed during the COVID-19 pandemic, and prices rose so fast that the Federal Reserve took action, increasing interest rates multiple times in an attempt to hamper consumer spending and bring the inflation rate down. In turn, those with credit card debt watched their minimum payments increase with every Federal Reserve rate hike that occurred.
When inflation subsequently cooled, though, the Fed paused rate hikes, keeping its target federal funds rate unchanged for the last few months. And, the Fed announced yesterday that rate hikes would remain on ho…
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