Economics Professor Tyler Schipper joined KARE 11 News to discuss how rising interest rates will affect the average person.
From the article: "If you have debt, particularly in those credit cards, those interest rates are going to go up," said Tyler Schipper, professor of economics at the University of St. Thomas.
If the hike stays at just one increase, that is relatively manageable for most, but this increase tomorrow is one that is expected to be followed by several more over the course of the year.
".25% maybe doesn't sound like a big move yet, but we're going to see this rate gradually go up maybe 5 or 6 times in the next year. So paying an extra 1.5% on credit card debt when already struggling with it can mean a lot for an average person," said Schipper.
Watch the interview below:
