Higher Interest Rates on Credit Cards and Other Loans
Although higher interest rates can result in you earning more interest, they also mean you might pay more interest on any outstanding debt you have. This is particularly true when it comes to variable rate debt, such as on a credit card.
Credit card interest rates typically rise point for point with market interest rates, meaning your unpaid credit cards will cost you more every month. If you’re out looking for a new fixed-rate loan, you’ll see that rates have ticked up there as well.
