Credit card rates hit 22.36%. Five-year car loans at 7.54%.
This is the quiet tax nobody talks about during rate hiking cycles. The Fed moves, banks adjust overnight, consumers pay for years.
Most people don't feel monetary policy through headlines. They feel it when the minimum payment goes up, when the car they need costs $80 more per month, when the math on that vacation suddenly doesn't work.
The lag is real. The pain is distributed. And it compounds.
This is the quiet tax nobody talks about during rate hiking cycles. The Fed moves, banks adjust overnight, consumers pay for years.
Most people don't feel monetary policy through headlines. They feel it when the minimum payment goes up, when the car they need costs $80 more per month, when the math on that vacation suddenly doesn't work.
The lag is real. The pain is distributed. And it compounds.