NORTH DAKOTA (KXNET) — The Fed raised interest rates again this week – the 9th time since last March. This time, to 5%.
The rate hike will have an immediate impact on 30% of Americans who carry credit card debt.
According to the Fed, North Dakotans have some of the lowest credit card debts in the country, just over $5000 on average.
Although that may be good news for our state, thousands of people still have to pay off thousands of dollars.
But there are ways to help pay off your debts.
If you have good credit, transfer balances to a card with an introductory zero percentage rate.
If you don’t qualify, a lower-interest personal loan can also help.
And finally, try picking up the phone and asking your credit card company for a lower rate.
“We found about 70% of folks who asked for a lower rate on their credit card last year got one,” said Lending Trees representative, Matt Schulz.
So why are we hiking up interest rates again?
The Fed is blaming inflation, but they say they are still trying to bring interest rates back down to their 2% goal.