The Federal Reserve will meet on Wednesday to decide whether to raise or pause interest rates. The decision will have an impact on everything from individual credit card bills to the costs of everyday items to the banking crisis, experts say.
to decide whether to raise or pause interest rates after continuously raising them over the past year in order to help curb inflation.
"This will mean that some of those rates that have been climbing won't climb as much in the near future," Jarvis said, citing mortgage rates and higher interest rates on credit cards. Jarvis said that fortunately today, we are in a "very different world" than the housing crisis of 2007, when interest rates went up and people were unable to repay their mortgage, leading to foreclosures and bankruptcies.
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