For consumers with credit-card debt, Fed rate hike will sting

ArticleDebt crisis March 22, 2018 - 7:26:11 AM

A mere quarter percentage point rate increase by the Federal Reserve might seem small and gradual, but for millions of consumers with credit-card debt it will be stinging.

In a report this week, WalletHub analyzed data and found that U.S. consumers have been piling on credit-card debt at an alarming pace, adding $92 billion in new debt last year alone—twice the postrecession average.

Lenders so far seem only too happy to extend credit, thanks to low levels of defaults and charge-offs, but the day of reckoning is coming, warns WalletHub...

Source:marketwatch.com

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