Feds Increase Interest Rates Again

The US Fed increased interest rates again. Experts say credit card bills will show 22% interest for new purchases within the next billing cycle or two.

What happens if we buy something for $1,000 with a credit card and pay the minimum payments? I will take 4 years and 10 months to pay off the balance and the total interest will be $624.37. So, a $1,000 purchase cost us $1,624.37.

If we buy something for that amount, will it even be around in 4 years and 10 months? Probably not, but we will still be paying for it.

In today's world. most of us have to use credit cards and the best thing we can do, is pay them off as soon as possible.

It's getting crazy!