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Posted: Jan 4, 2016
Categories: Credit Cards, Rates
Comments: 0
Author: Bill Lehman

The Federal Reserve recently announced an increase in the Federal Funds Rate by a quarter point (25 bps)—the first interest rate increase in over seven years. Although the move by the Fed is a small step at this time, it will result in a ripple effect across all rates.

The increase influences rates paid on savings and interest earned on loans, making saving money more lucrative and borrowing more expensive. Credit unions can expect rate changes on most financial products including credit cards, mortgages, savings, CDs, and car loans.

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