Chicago Tribune

As Fed raises rates, look for higher costs on credit cards, car loans and home mortgages

Americans are taking on more debt, and they're soon going to be paying more for it.

The Federal Reserve on Wednesday raised its benchmark interest rate, citing an improving economy, low unemployment and rising wages. The move will affect millions of Americans by making it more expensive to borrow money, whether that's in the form of credit card balances, car loans or some home mortgages.

This may mean the time is ripe to make a big purchase before interest rates go higher. The Fed already has promised two

You're reading a preview, sign up to read more.

More from Chicago Tribune

Chicago Tribune4 min read
Tiffany CEO Says Millennials Are Buying Diamonds — Just Not The Way Their Parents Did
Even if you can't afford to buy a diamond ring at Tiffany & Co.'s Michigan Avenue flagship, you can watch one being made. It's part of a temporary exhibit showing customers how a diamond goes from a rock to a finished piece of jewelry. Tiffany CEO Al
Chicago Tribune3 min read
Chicago's Adam Miller, The Nation's No. 32 Recruit, Commits To Illinois: 'Why Not Stay Home And Do It?'
CHICAGO - After a six-minute black-and-white video of Adam Miller standing dramatically in front of Chicago's skyline and shooting hoops in a gritty Peoria rec center, the Morgan Park senior announced he will play next season at Illinois. A cannon bl
Chicago Tribune5 min read
Retailers Have Been Competing Over Fast, Convenient Delivery For Years. Next Up? Returns.
CHICAGO - Buying something online takes a single click. Returning it? That's not so seamless. A growing number of online retailers, from e-commerce giant Amazon to small apparel and footwear brands, are teaming up with bricks-and-mortar chains to try