A number of sources have stated that as the Federal Reserve Bank raises their rates, consumer lending rates will increase. That makes sense for mortgages and auto loans and such that have followed the Fed Rates down…but they also state that credit card rates will also go up with the increasing Fed rates.
WHY? They didn’t go down when the Fed rates hit rock bottom. I even questioned that stubborn stability in June 2020. I don’t know about you, but the rates on my couple of cards never budged in the past two years. It would seem to be gouging or usurious to allow credit card interest rates to increase from their current levels.
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