The Federal Reserve just increased it’s rate by a quarter point and the word is that the rates will only continue to increase over the coming months and years. But what does this mean for consumers?
What will happen to cash-tied funds like savings, mortgages, or auto loans? Those looking for a home will obviously be most concerned with how mortgages are affected, but the way other cash-tied funds will be altered is also important. This is because the current state of all existing loans will weigh heavily on the financial situation of those who have taken them out or plan to make use of them in the near future.