WASHINGTON–With the Federal Reserve almost certain to again raise rates this week, a new analysis says the increase will cost American consumers more than $4 billion in additional interest.
In addition, the new Fed Rate Hike Survey from WalletHub has also revealed consumer sentiment on the matter.
Among the overall findings:
- 92% of Americans are concerned about inflation right now
- After the anticipated Fed rate hike, people with credit card debt will spend an additional $5.1 billion on interest this year alone
- Many Consumers Are Fed Up: 33% of people are upset about the Fed raising interest rates
- 18% more people feel unprepared for a Fed rate hike compared to September
- More than 8 in 10 Americans think we are heading into a recession (7% more than September)
- Nearly 50% of Americans say they are not financially prepared for a recession
- 2 in 3 people think the government should put a cap on grocery prices.
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