Federal Reserve expected to raise interest rates Wednesday

Video: Federal Reserve expected to raise interest rates Wednesday Another major decision is set to be made about your money on Wednesday. (James Tutten, WFTV.com/WFTV)

WASHINGTON — Another major decision is set to be made about your money on Wednesday.

READ: Asian stocks follow Wall Street ahead of likely US rate hike

The cost of borrowing is expected to increase again when the Federal Reserve raises interest rates.

It is all an attempt to stop the rising cost of just about everything.

The Fed is expected to increase rates three-quarters of a point, which would be the same as June’s hike.

READ: Fed set to impose another big rate hike to fight inflation

That means for the average credit card balance of about $5,000, you would have to pay more than $280 in extra interest before it’s paid off.

READ: US economy sending mixed signals: Here’s what it all means

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