The Federal Reserve’s change in the federal funds rate affects everyone, from borrowers to savers. So, let’s take a look at how your age group might be commonly affected:

• “20 somethings” - undergraduate federal direct loans have risen to 5.05% in 2018 versus 4.45% last year; moreover, credit card interest rates have also risen from 15.78% to 17.32% in 2018 (borrowing continues to become more expensive);

• “40 somethings” - mortgage rates have climbed from 3.9% in late 2015 to 4.6% in 2018, any variable rate debts that you owe will have adjusted upwards as well;

• “60 somethings” - online bank savings accounts are now offering rates around 2% while some bond funds are losing value; as to stocks, if corporate profits continue to rise, stock prices should hold and/or continue to rise slightly (noting this is the longest bull market in history).

To see more examples of how your finances are affected by the Fed’s rate changes, click on the link above!