WASHINGTON–Already worried about inflation and higher costs for everyday goods, Federal Reserve rate increases will cost Americans more than $3 billion in interest on credit cards this year, according to a new analysis.
The personal-finance website WalletHub released the findings as part of a new Fed Rate Hike Survey that sought to gauge consumer sentiment on the rate increases.
Among the findings:
• Overall Inflation Concerns: 85% of Americans are concerned about inflation right now.
• Credit Card Interest: After the anticipated Fed rate hike, people with credit card debt will spend an additional $3.3 billion on interest this year alone.
• Most Worried About Costly Necessities: 9 in 10 Americans are more worried about higher prices for gas and groceries than higher interest rates on their credit cards.
• Rates Too High Already: 132 million people think their credit card rates are too high already.
• Credit Scores & Rate-Hike Decisions: Around 130 million people say the Fed should consider consumers’ credit scores when making rate-hike decisions.
• Attitudes of Men vs. Women: 72% more men think Fed rate hikes are good for their wallets than women.
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