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Interest Rates: How Do They Impact Your Daily Life?
Posted
June 22, 2022
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June 22, 2022
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1:26Now PlayingWhat are interest rates and how do they work? Check out the video to learn more.
Welcome back to Bold TV with David Grasso. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
Do you care about interest rates? Most likely not, but spend just 30 seconds learning the bare minimum you need to survive.
The price of borrowing money is interest rate. And you start to get the impression that you need to be aware of this in a world where student loans, mortgages, auto loans, credit cards, payday loans, and business loans are the norm.
Imagine that increasing interest rates is like applying the brakes to a moving vehicle, and decreasing them is the opposite. The economy typically accelerates as you step on the gas.
The Federal Reserve controls interest rates by applying the gas and brakes as necessary.
Additionally, the Fed is currently rapidly raising interest rates in an effort to hard-brake the economy. That implies that borrowing money will become more expensive, which will slow down the economy, increase unemployment, and possibly cause a recession.
You've undoubtedly already seen that interest rates are increasing in order to combat rapidly growing prices brought on by inflation. Everything is exorbitantly priced, and we must apply the brakes to prevent the economy from overheating.
These are the fundamentals; increasing interest rates affect everybody, from major corporations to your wallet. Pay attention: when interest rates rise, borrowing money becomes more expensive and the economy is likely to weaken.
How would you rate your interest in interest rates? Let us know in the comments below.
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