Fed rate hike likely to push up consumer credit costs

WASHINGTON (AP) — The Federal Reserve's interest rate "liftoff" Wednesday probably will nudge consumer credit costs higher, making carrying a balance on a home equity loan or credit card more expensive. But it isn't likely to push up long-term mortgage rates or even the cost of car loans right away, as the increase has little immediate influence on those forms of lending. By raising the Fed funds rate by one-quarter of a percentage point, to 0.5 percent, policy makers finally ended months of sp

WASHINGTON (AP) — The Federal Reserve's interest rate "liftoff" Wednesday probably will nudge consumer credit costs higher, making carrying a balance on a home equity loan or credit card more expensive. But it isn't likely to push up long-term mortgage rates or even the cost of car loans right away, as the increase has little immediate influence on those forms of lending. By raising the Fed funds rate by one-quarter of a percentage point, to 0.5 percent, policy makers finally ended months of sp…