The recent decisions by the Federal Reserve to hike up the nation’s interest rates are projected to cost consumers up to $192 million more per month on their credit card balances — starting this month, according to Federal Reserve data.

The recent increases–beginning in December 2016– mark the first time that U.S. interest rates have been raised since 2006. The rate increase will be felt by those who have variable rate accounts — most notably credit cards — within the next one or two billing cycles. And if the Federal Reserve boosts rates two more times before the end of the year, as is forecasted, carrying a credit balance will cost you even more.

How this impacts the “average person”

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Featured image by Petr Kratochvil
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