The Federal Reserve’s countermeasures against inflation have been aggressive, with 11 rate hikes since 2022. The most recent adjustment has positioned the federal funds rate between 5.25% and 5.5%, a level unseen in over two decades. These shifts have broader implications, potentially affecting interest rates on a range of consumer products. Despite inflation’s recent dip to 3% in June, the Federal Reserve Chairman, Jerome Powell, suggests more hikes might be on the horizon.
For those burdened with high-interest debt, the article advises considering personal loans with more favorable rates. Another alternative is balance transfer cards, which come with a temporary 0% APR period, typically extending up to a year.