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https://www.cnbc.com/2022/09/21/fed-rate-hike-september-2022-.html
Tick tock the Fed is going to cause the middle and poor classes pain, credit card defaults will be rising in the near future, home buying is already coming to a screeching halt... I bought a home when FHA was above 7% and I have seen the effects of moving interest rates higher... Now might be the time to lock in some credit card rate reductions if you have the Fico for it.
The rise in interest rates may hurt the poor and those on fixed incomes, but the inflation hurts them even more. There's no good solution, except not to print all that money in the first place.
@Anonymalous wrote:The rise in interest rates may hurt the poor and those on fixed incomes, but the inflation hurts them even more. There's no good solution, except not to print all that money in the first place.
@Anonymalous, Spot on! ^^^^
Brought to you by easy monetary printing press policies.
I am sure glad I don't have any debt. My savings account also has been seeing nice increases every month after being flat for years (APR was 0% before these hikes started).
@crystal626 wrote:I am sure glad I don't have any debt. My savings account also has been seeing nice increases every month after being flat for years (APR was 0% before these hikes started).
Inflation was also around 2%, meaning with 0% APR money in your savings account lost about 2% in real value each year. With inflation north of 8% and APRs around 2%, we're losing about 6% a year, or about three times as much.
An interesting argument I ran across this morning
@gdale6 wrote:An interesting argument I ran across this morning
Interesting "counterpoint" and tends to give the reader "pause" ... ?
@Anonymous wrote:
@gdale6 wrote:An interesting argument I ran across this morning
Interesting "counterpoint" and tends to give the reader "pause" ... ?
@Anonymous, "pause" or "paws" .. heck I don't want an apology for the millions of people this has hurt,
I want retribution!!!
Their lousy monetary policy, has hurt many elderly and already struggling Americans.
“For evil men to accomplish their purpose, it is only necessary that good men do nothing,”