Hey, Your LetmePayday Newsletter For 24 September 2022

This is your Newsletter. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ [LPB]( [LPL]( [LetmePayday Newsletter]( You Might Like     [Learn more about Jeeng](  [The Fed Raises Rates By Another 75 Basis Points: How That Can Affect Your Money]( [The Fed Raises Rates By Another 75 Basis Points: How That Can Affect Your Money]( On September 21, the Federal Open Market Committee (FOMC) announced another rate hike, raising the federal funds rate by 75 basis points (bps), to a range of 3% to 3.25%. This move follows 75 basis-point hikes in June and July and two smaller rate hikes at the March and May meetings—all part of the central bank’s strategy to fight stubbornly high inflation. The FOMC will meet twice more in 2022. “Recent indicators point to modest growth in spending and production,” the FOMC said in its post-decision statement. “Job gains have been robust in recent months, and the unemployment rate has remained low.” Nevertheless, the central bank noted that “inflation remains elevated” thanks to “broader price pressures.” The latest personal consumption expenditures price index (PCE) report showed that prices across the economy have risen 6.3% over the prior 12 months. Fed economists estimate that PCE inflation will remain high, but should decline to 5.4% by the end of 2022. Unfortunately for stretched consumers, inflation can take a long time to return to normal, and it takes several months for the Fed’s policy changes to work their way through the economy—although some financial effects of its policies, such as higher interest rates on borrowed money, can be felt more quickly. [[icon] Read MoreÂ](  [Get the money you need](  [The 10 states with the highest average credit card debt—and they aren’t New York or California]( [The 10 states with the highest average credit card debt—and they aren’t New York or California]( Americans with credit card debt face a double whammy. First, there’s inflation. Prices on a broad basket of consumer goods are up 8.3% from this time last year, a figure that includes even larger hikes in the cost of food, shelter, gasoline, and medical care. At the same time, credit card rates are on the rise. In an effort to tame inflation, the Federal Reserve has embarked on a series of hikes to short-term interest rates, which has in turn pushed up the rates on credit cards. Run a balance on your card and you’ll have to pay it back at a rate of 18.1%, on average, according to Bankrate — the highest rate since 1996. “All of this stuff is related,” says Ted Rossman, senior industry analyst at Bankrate. “Balances are going up because of inflation and because of some good stuff too, like unleashed demand for travel. Add in the highest interest rate in two decades and it’s a tough combination.” The result: Americans now carry a near-record amount of credit card debt, with the average household owing $8,942, according to recent data from WalletHub. For residents of some states, the average is even higher. Here are the 10 states with the highest average household credit card debt, according to WalletHub. [[icon] Read MoreÂ](  You Might Like     [Learn more about Jeeng]( Connect with LetmePayday on Social Media Pages [Facebook]( [Linkedin](    [Unsubscribe](