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Could credit card rates be rising next year?

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.

That, in turn, means the credit card interest rates will be ticking up a well. According to Ms. Orman the prime rate could reach 4 percent by the end of next year and jump even higher to 5.4 percent by the time 2016 comes to an end. So, even though some people are already paying as much as 20 percent interest on their cards, they can expect those rates to go even higher.

Credit card debt is never good, and for some people it can lead to even more serious financial problems. If you are in this kind of situation then you should consider speaking with an experienced bankruptcy attorney.

Source: CNBC, “Beware: Credit card rates are likely to rise in 2015,” Suze Orman, Nov. 17, 2014.

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