Everything from student loans, car loans, mortgages and credit cards will be impacted by the Fed’s back-to-back 0.75-percentage-point interest rate hikes.
. Experts say now might not be the best time to buy a new car, while some may want to consider a used car to save on costs.,"the best thing consumers can do to save money is to get their own financing before ever stepping foot into a car dealership," said Erin Witte, director of consumer protection at the Consumer Federation of America.
"Arranging your own financing can save you money by taking the secret markup out of the equation," she said.Borrowers with existing fixed-rate federal student loans will not experience an increase on their interest rates, said higher education expert Mark Kantrowitz. Meanwhile, those with variable-rate private student loans will see their rates increase because of the Fed's moves, he added.Borrowers with existing variable-rate private student loans can refinance them into a fixed-rate private student loan, Kantrowitz said.
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