The impact the Federal Reserve’s interest rate hike will have on you
WKYC: Jonathan Ernest, assistant professor of economics at Weatherhead School of Management, explained what effect the Federal Reserve’s decision to raise interest rates will have on consumers. “If you have any credit card debt—which on average people have a fair amount of—now might be a really good time to try to pay down some of that debt,” he said. “Most ARMS adjust once a year, but home equity loans adjust right away. Federal student loans are fixed, but private ones may not be.”