This Week In Credit Card News: Interest Rates Expected To Keep Rising; Credit Card Trends In 2023

Interest Rates on Mortgages, Cars, and Credit Cards Will Keep Getting More Expensive in 2023

Borrowing money to buy a house or a car won’t get any cheaper this year, the nation’s central bank just confirmed. On Wednesday, the Federal Reserve released its minutes from the Federal Open Market Committee’s (FOMC) December meeting, when it announced it would be raising interest rates by 50 basis points. That increase was a slowdown from prior meetings when the Fed raised rates by 75 points, and it came after November marked a slowdown in inflation to 7.1% year-over-year. While the economy appears to be moving in the right direction, the Fed noted in its minutes that inflation is “unacceptably high” and still remains well-above the pre-pandemic level of 2%, and it anticipates rate hikes will continue throughout 2023. [Business Insider]