With interest rates holding steady for the fifth time, Jill Schlesinger explains how it affects credit cards, car loans, mortgages and savings.
Breakdown
- The Federal Reserve has kept interest rates steady for the fifth consecutive time. 8s
- Borrowers face high interest rates on credit cards, car loans, and personal loans. 24s
- Savers benefit from higher rates on savings accounts and CDs, ranging from 3.5 to 4.5 percent. 1m 10s
- The Fed is holding rates steady due to concerns about inflation. 1m 37s
- Despite slowing inflation, overall prices remain high and economic growth has slowed. 2m 8s