With the prime borrowing rate soaring to new heights, some borrowers are beginning to feel the crunch.
Altogether, prime borrowing rates have climbed to 5.50 percent this year. What’s more, you can expect increases to continue sporadically throughout the year until the Fed gets today’s white-hot inflation under control.
How will this impact the cost of borrowing? And what happens to the loans you already have out? If you’re worried about interest rates, keep reading to understand why these increases are happening and what you can do to handle them.
This post originally appeared at ValueWalk.com.