All eyes were on Federal Reserve Chairman Jerome Powell as the market digested the news Wednesday on what the central bank will do to keep the economy rebounding from the pandemic while countering the hot inflation that has consumers’ wallets sizzling.
“We understand that our actions affect communities, families and businesses across the country. Everything we do is in service to our public mission. We, at the Fed, will do everything we can to complete the recovery in employment and achieve our price stability goal,” Powell said. Credit-card issuers generally start their calculations on APR by looking at the U.S. prime rate, which is the rate that banks would extend to preferred customers.
“Credit cards are among the most influenced by the Fed because so many credit card interest rates are based on the prime rate,” he said. “If you have credit-card debt now, it would probably be a good idea to assume that your rates are going to go up in the not-too-distant future. If you can put a little more to credit card debt to knock it down, the better off you are.”
That might not sound like a lot to some people, Schulz said. “When you are living paycheck to paycheck, trying to knock that debt really does matter.”
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