On May 4, Michele Raneri, director of U.S. research and advisory at TransUnion, a credit rating agency: The latest rate hike shows that although inflation has slowed and the economy has generally cooled, the Fed believes that we have not yet reached a point where we can stop raising interest rates. degree.
From a consumer credit perspective, the impact of further rate hikes will likely continue to be felt by borrowers across a broad range of industries.
Some examples include those consumers who want to buy a car, or maybe those who want to buy a home, or refinance a home they already own.
As long as interest rates remain relatively high, we recommend that consumers continue to be diligent in keeping their own personal credit profile in the strongest possible financial position.
This includes continuing to pay off as much high-interest debt as possible, making sure they can afford to pay any new debt they acquire, and maintaining an overall record of paying their bills on time.