The next Federal Reserve rate hike is projected to add up to $6.4 billion in extra credit card interest, according to a new study.
WalletHub, a personal finance website, estimates that U.S. consumers could see between $4.87 billion and $6.4 billion in additional credit card interest. This does not count the other increases so far this year.
The publication’s new Fed Rate Hike Survey, which gauged consumer sentiment on the subject, also found that 60 percent of respondents do not think the Fed is doing a good job. Sixty-three percent of Americans report that their wallets have been impacted by the 1.5 percent boost in rates this year….