Local Loan Officers discuss how rising interest rates affect consumers

JOPLIN, Mo. – The Federal Reserves Decision to increase interest rates have altered how some people may use their credit cards.

A Commercial Loan Officer from Joplin says one important key when making investments is to always speak with a professional.

With interest rates going up, there may be additional fees, so paying off your credit card balance by the end of the statement would prevent those fees.

“When talking about a dollar, the rates may not be that impactful, however, it can add up when we are talking about thousands of dollars, so keep in mind when it comes to financial planning,” says Isaac Norman of Arvest Bank.

Norman reminds consumers that the market goes through cycles throughout the years.

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