DETROIT (WWJ) – Short term interest rates are going up a quarter of a percent. The announcement Wednesday from the Federal Reserve — the third since December.

Sixty-five percent of Americans carry a credit card balance from month to month says WWJ Business Editor Murray Feldman, for every $1000 they don’t pay off – they’ll pay about $25 more a year in interest.

This is the third such hike since December but now that above figure grows to $75 a year for every $1000 you don’t pay off — and we’re only six months into the year.

For a $25,000 car loan — you’ll pay about $40 more a year — unless car-makers pick up the extra cost through customer incentives.

How does this effect you on the home mortgage front? If you’ve got a $75,000 mortgage or home equity loan — not on a fixed rate — you’ll be paying about $15-$20 more in your monthly payment.

 

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Detroit

Best Places To See Indie Rock In DetroitIt's called Detroit Rock City for a reason.
Guide: Best Barbecue In Metro DetroitSometimes, nothing hits the spot like good barbecue.
Best Ice Cream Shops In Metro DetroitIt's getting warm outside! Take advantage of it.

Watch & Listen LIVE