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After May 4 Fed interest rate hike, $3.3 billion in extra credit card interest expected

Money Credit Card Man Holding One-g605d8a55d_640With the likelihood high that the Federal Reserve will raise interest rates by half a point on May 4, people with credit card debt will spend an additional $3.3 billion on interest in 2022, according to WalletHub, a personal finance website.

“People generally have a negative opinion on Fed rate hikes,” said Delaney Simchuk, WalletHub analyst. “According to a new WalletHub survey, 41 percent of people do not think it’s good for the economy when the Fed raises rates, and 53 percent of people say that rate hikes are not good for their own wallet.”

Other results from the survey:

  • Overall inflation concerns: 85 percent of Americans are concerned about inflation right now.
  • Most worried about costly necessities: Nine in 10 Americans are more worried about higher prices for gas and groceries than higher interest rates on their credit cards.
  • Rates too high already: About 132 million people think their credit card rates are too high already.
  • Credit scores and rate-hike decisions: About 130 million people say the Fed should consider consumers’ credit scores when making rate-hike decisions.

Other details from the survey are:

2022 fed rate hike survey v10

 

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