Consumers Brace for Unrelenting Interest Rates as Federal Reserve Holds Steady

Despite the Federal Reserve's decision to potentially not hike interest rates, consumers are unlikely to experience any relief. Credit card rates have reached an all-time high of over 20%, with APRs expected to continue rising. Mortgage rates have also surged to 8%, hindering purchasing power and slowing down the housing market. Auto loan rates have surpassed 7%, while federal student loans have increased to 5.5%. Existing student loan borrowers are now facing interest accrual again. On the other hand, savers are benefiting from higher deposit rates, with some online savings accounts offering over 5% interest.