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.READ MORE: Detroit Pistons To Play Regular Season Game Against Chicago Bulls In Paris
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.READ MORE: School Loses Challenge To Expired Michigan Mask Order
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.MORE NEWS: 2 Charged With Murder After 16-Year-Old, 20-Year-Old Found Dead Near White Lake Township Pond