As inflation climbed to its highest point in more than four decades in mid-2022, the Federal Reserve began increasing its target federal funds rate to try and temper it. Rate hikes then became the norm until the Fed paused rate hikes at a 23-year high in late 2023.
The federal funds rate forms the foundation for consumer interest rates, so you may have felt the impact of the rate hikes when opening your monthly credit card statements. And with interest charges causing your credit card balances to grow, it may be more difficult to make ends meet now than in the past.
But if you’re struggling to make your credit card payments, cre…
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