How to Combat Rising Interest Rates? What Higher Rates Mean for Your Wallet.
Sponsored By JPMorgan Chase
Interest rates have a bigger impact on your wallet than you may realize. With rates forecasted to continue rising in 2023, you can expect to pay more on things like credit card debt, mortgages, car loans, and other everyday purchases. That’s why it’s important to take steps now to save and pay down debt so you don’t end up paying more for borrowing in the long run.
Although interest rates are projected to rise to as high as 5.1% this year, according to the U.S. Federal Reserve, there’s a bit of good news for consumers. Higher rates by the Federal Reserve mean consumers will see a higher return on their savings, and ultimately, more money back in their pockets.
Articles in the JPMorgan Chase Money Talk series appear as part of a strategic partnership between JPMorgan Chase and The Washington Informer.