People have different opinions on the Federal Reserve’s move to raise interest rates again.
"You got to live kind of meagerly or frugal because you are forced to be frugal and it's just not right,” homeowner Robert Baker said. “It's not what I worked for all my life."
"I wouldn't say it worries me personally because I kind of prepared myself financially knowing it's going to happen," homeowner Mandi Szikula said.
The Federal Reserve hikes interest rates in a move to bring down inflation.
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"This is the most aggressive we've seen the Fed in decades," certified financial planner and CPA Bill Dendy said.
Dendy said it hasn't had the desired effect just yet.
"The challenge here is it takes a while for the raising of the interest rates to actually slow down the economy,” Dendy added.
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Where you will likely see the impact of the higher rates will be on your mortgage if it's not a fixed rate. Also, your credit card rates and your car loan or any new loans you take on.
Because of that, Dendy says to be mindful with the holiday shopping season approaching. He says shoppers should look for zero-interest deals and pay off any credit debt as soon as possible.
"For a lot of people at the end of the holiday season they may have taken three or four months to pay back the money they spent, it's going to cost more this year than it did last year or the year before or the past 20 years," Dendy said.
It is likely more rate hikes could be coming, so Dendy advised you plan for it now.
"This is a great time for all consumers to revisit budgets and make sure we are getting maximum enjoyment for every dollar we spend,” Dendy said. “And that we are not carrying debt unnecessarily and that we are paying attention as those interest rates move up."
