This week, the Fed raised interest rates for a 5th time this year to fight inflation up another three-quarters of a point. That means credit cards, mortgages and car loans are about to cost you more.

Inflation across the developed world is surging, with the rising cost of living expenses at the highest level since the 1980s.

Global Inflation Concerns

How interest rate hike will impact consumers

This week, the FED raise interest rates for a fifth time. This year to fight inflation up another three-quarters of a point. So yes this does mean that credit cards mortgages car loans are about to cost you more concern for have a salve in joining us live with. Look at what this unfortunately means for your wallet. Heather Yeah, we're hitting some big High's right now, credit card rates. The average is the highest that has been since 1996 auto loans of the highest, they've been since 2012 and mortgages of the highest of the Great Recession in 2008. The fed's latest interest rate hike is going to make carrying a balance on a credit card. Much more expensive as most cards have variable interest rate. If you make, only the minimum payments on a $5,000 balance for rate, hikes already this year, are costing you an extra $870 in interest. The latest three quarter point hike will now cost you 11:51 and more of what you pay will go toward interest, not the debt mortgage rates have already been rising. If you bought a $300,000 home at the beginning of the year, for the average 30-year fixed-rate mortgage of 3.11 % you pay $1,283 a month if you bought it in August at 6.02%. You'd pay 1803 a month and it rates go up, another .75%, it would cost you $1,949 a month. Auto loans have gone up along with car prices and interest rates, average rates have risen. 5 to 6% on a $40,000 loan, over 72 months. You pay an extra $1,348 according to edmunds.com, but there's one silver lining. Savings rates are also up reaching as high as 2.5% on some CDs and high interest accounts. So here are some steps to help insulate you from some of these high rates try and pay off as much credit card debt as you can if that's not possible transfer that balance to either a 0% credit card offer or to a personal loan or home equity. Line of credit that offers you a lower rate. If you are going to buy a house, you can still go ahead and do that. And remember you can refinance that loan when rates drop eventually will one day. And also be sure that you are shopping around for the best loan rates. So that you are seeing what your options are trying to get the lowest rate that you can, with all this smart, send some other Sullivan Fox, 26 news.

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Global Inflation Concerns