"It's terrible, it's awful," said Grapevine resident Tammy Howell."My 401k is plummeting, all my investments.""They're trying to slow down the economy, if they're making borrowing more expensive that's going to slow down the economy," said Certified Financial Planner at Open Air Advisers, Stewart Fields.
Fields said now is the time to come up with a plan and shares this advice if you need to borrow,"If you're looking at a loan or taking on debt, definitely shop around, interest rates move very quickly and some companies are slower to increase than others so you really need to do your homework." "Particularly exploding in low income communities that were already hurting so badly before and now they're having to do this for the first time and yeah it can be quite painful," said Kaben Clauson, co-founder of Pigeon Loans, a company helping people navigate loans between people who know each other.
Source: Loan Digest (loandigest.net)
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