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With Americans struggling to pay their bills due to skyrocketing inflation, the Federal Reserve is attempting to bring prices down. The Fed issued a historic hike on Wednesday, approving the largest interest rate increase in nearly 30 years. The move is intended to slow down the economy, but it also means Americans will pay more to borrow money. The increase affects credit cards, car loans, and mortgage rates. So as the Fed pursues ongoing rate hikes to bring down record-high inflation, it’ll deliver a new type of blow to consumers who need to borrow money.
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