Lutz Financial Coaching

I've always loved Suze Orman. She's one of the best personal finance personalities out there and she's right on the money here.

Many of you may not follow financial news, but the Federal Reserve just raised interest rates again in an effort to combat rising inflation.

This time the increase was .50% (largest increase since 2000) in addition to the .25% increase in March, and there are likely several more increases to come this year.

This may not seem like a big deal, but it will drastically raise the cost of borrowing and the servicing of current debt. If you have variable rate debt, like credit cards, your interest rates are almost certainly already going up, which means a hefty hike in the amount of interest you’ll be paying each month. Combine that with high prices everywhere, it will further strain already tight budgets.

The best time to fix your financial house is always right now. If you need help figuring out how to conquer your debt and set some financial goals then give me a call.

Fed hikes interest rates the most since 2000. Here's the impact on your wallet. Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.