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The Fifth Rate Hike

Contributed by mm | December 14, 2004 04:22 PM PST



In case you don't know, Fed raised interest rate for another quarter-point this afternoon. After this fifth rate hike, the Fed rate is now 2.25% and the prime rate is now 5.25%.

How will this affect you?

Basically, if you are a saver, you will get more interest from your cash pile. If you are sitting on debts with floating interest rate (like credit card or home equity line of credit), you lose. The rate hike does not affect you much if you carry fixed-rate loans like fixed rate mortgage, home equity loan and car loan. Not sure? Check out the complete analysis at Bankrate.

By the way, in the latest twist of saving rate war, VirtualBank boosted money market account APY to 2.30%. If you want to establish a new account and start saving, send me a mail for a referral link and get $20 ahead upfront.

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