How the Federal Reserve Interest Rate Hike Can Affect Consumers

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In September of 2016, TransUnion found that consumers could be affected by 25 basis points in the federal interest rate hike, which is .25%. Of credit-active consumers, 68% of them would face a change in their monthly payments. If you have a variable rate product, you could face a payment shock. You may have a variable rate in your credit cards, home equity line of credit, and personal loans.

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