WASHINGTON — Another major decision is set to be made about your money on Wednesday.
READ: Asian stocks follow Wall Street ahead of likely US rate hike
The cost of borrowing is expected to increase again when the Federal Reserve raises interest rates.
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It is all an attempt to stop the rising cost of just about everything.
The Fed is expected to increase rates three-quarters of a point, which would be the same as June’s hike.
READ: Fed set to impose another big rate hike to fight inflation
That means for the average credit card balance of about $5,000, you would have to pay more than $280 in extra interest before it’s paid off.
READ: US economy sending mixed signals: Here’s what it all means
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