The holidays are officially here, which means a lot of different things to a lot of different people. However, one thing that almost everyone has in common when it comes to this time of year is the shopping. The holiday spending frenzy officially kicks off on Black Friday, or in may cases on Thanksgiving Day, and runs right up until the end of the year with all the after-Christmas deals. With all that spending going on many people in the Tampa area will surely be adding to their credit card bills.
That spending could lead to even more debt, and according to financial expert Suze Orman, the debt could be adding up even faster. That’s because, according to Ms. Orman, the Federal Reserve plans to raise the federal funds rate in 2015. That also means that the prime rate will rise too. The prime rate has been sitting at 3.25 percent since 2008. However, now that the country’s financial crisis appears to be over, and with the federal funds set to go up, the prime rate will also increase.