By Sandra Block From Kiplinger’s Personal Finance Carrying a balance has always been costly, but it’s particularly expensive now. The average credit card interest rate in mid-December was 19.42 percent, the highest rate since 1992. As the Federal Reserve Board continues to raise short-term interest rates to throttle inflation, average rates could rise even higher,…
Family Finances: Paying Down Your Credit Card Debt Is a Good New Year’s Resolution
UK Central Bank Raises Interest Rates to 3.5 Percent, a New 14-Year High
The Bank of England, the UK’s central bank, has increased interest rates from 3 to 3.5 percent, a new 14-year high. At its meeting ending on Dec. 14, the bank’s nine-strong Monetary Policy Committee (MPC) voted by a majority of 6–3 to increase the bank rate by 0.5 percentage points. It is a slowdown from…
Federal Public Debt Charges Up $2 Billion With Latest Interest Rate Hike: Budget Estimates
Public debt charges jumped nearly $2.3 billion with the latest interest rate hike by Canada’s central bank, according to arithmetic estimates from a report by the Parliamentary Budget Office (PBO). In September 2020, the PBO’s “Economic and Fiscal Outlook” report forecasted that a 1 percentage point increase in interest rate by the Bank of Canada…
Federal Public Debt Charges Up $2 Billion With Latest Interest Rate Hike, PBO Estimates
Public debt charges jumped nearly $2.3 billion with the latest interest rate hike by Canada’s central bank, according to estimates from a report by the Parliamentary Budget Office (PBO). In September 2020, the PBO’s “Economic and Fiscal Outlook” forecast that a 1 percentage point increase in interest rate by the Bank of Canada (BoC) would…
Bank of Canada Lost $522 Million in Third Quarter, Marking First Loss in Its History
The Bank of Canada lost $522 million in the third quarter of this year, marking the first loss in its 87-year history. In the central bank’s latest quarterly financial report, it says revenue from interest on its assets did not keep pace with interest charges on deposits at the bank, which have grown amid rapidly…
Small Business Confidence in Canada Hits One of Lowest Levels Ever, CFIB Says
Small business confidence in Canada has hit one of its lowest levels ever amid fear of a Christmas recession, according to the Canadian Federation of Independent Business (CFIB). The federation reported on Nov. 24 that the confidence of Canadian small business owners is on a downward trend for the third consecutive month, and their outlook…
End of Cheap Money for US Farmers Plows Trouble Into Food Production
November 24, 2022
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CHICAGO—Montana farmer Sarah Degn had big plans to invest the healthy profits she gleaned for her soybeans and wheat this year into upgrading her planter or buying a new storage bin. But those plans have gone by the wayside. Everything Degn needs to farm is more expensive—and for the first time in her five-year career,…
Credit Card Applications Rise as Americans Turn to Plastic to Bolster Spending Amid Soaring Inflation
Credit card applications are on the rise as more and more Americans deal with soaring inflation and with less cash on hand before the holidays. Households are spending more on necessities like food, gas, and housing, according to a New York Federal Reserve survey released on Nov. 21. The interest rates on credit cards have…
Britons Delay Christmas Shopping as Grocery Price Inflation Hits Record 14.7 Percent
British consumers are delaying their Christmas shopping as grocery price inflation in the UK hits a new record, according to new research. According to the latest data from research firm Kantar, four-week grocery price inflation has reached 14.7 percent, the highest since the firm began to record the data in 2008. The firm said that…
Australian Reserve Bank Makes Another Modest Hike, Lifts Cash Rate to 2.85 percent
November 1, 2022
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The Reserve Bank of Australia (RBA) has raised the cash rate by 25 basis points to 2.85 percent, its seventh consecutive interest rate hike. Despite the most recent data revealing inflation jumped to 7.3 percent in the September quarter, the highest level since 1990, the RBA has chosen a much less aggressive interest rate hike…
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