Fed Raises Interest Rates Again

The Federal Reserve jacked up interest rates again today, which means higher interest on many loans that rise and fall with the Prime Rate.

I'm a little cloudy on the federal funds rate versus the prime rate versus the who-do-we-apprecirate, but I can tell you that if you have a credit card with a balance on it, there's a good chance your interest rate will rise another quarter-point soon, from 13.49% to 13.74%, for example. Most credit cards are variable rate, going up and down based on what Alan Greenspan, oops, Ben Bernanke decides at these Fed meetings.

Some cards are lightning-quick to increase rates when this happens, some are slower--but almost all of them do it, unless you're lucky enough to have a fixed rate credit card--so you'll see it soon enough.