(June 17) The US Federal Reserve increased short-term interest rates by a quarter point on Wednesday to an upper limit of 1.25 percent. The increase will have a quite modest impact on consumer's borrowing costs.
|The increase was widely expected. If the Feds continue to keep raising rates it would be wise for consumers to adjust now for any effect such moves might have later on. Increased rates get passed on to consumers who borrows causing higher rates for all types of loans including on credit car balances and car loans.|