Prime Rate Hikes to Raise Consumer Borrowing Costs

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004450-prime-rate-hikes-to-raise-consumer-borrow/

The cost of maintaining credit card balances or taking out home loans rose on Tuesday after the Federal Reserve increased interest rates for the seventh time since last June, prompting major U.S. banks to raise their prime lending rates.

J.P. Morgan Chase & Co., Wachovia Corp., Wells Fargo & Co. and other banks raised their prime rates, a borrowing rate that banks charge their best customers, to 5.75 percent from 5.5 percent. Most other U.S. banks were expected to follow.

For this complete story, please visit Prime Rate Hikes to Raise Consumer Borrowing Costs.

Prime Rate Hikes to Raise Consumer Borrowing Costs

Unknown Author

Featured Resources

Webinars

RA Compliance Corner: Managing Your Service Providers- Do you really have it all in order?

About