High interest rates are taking a toll on low- and moderate-income families, leading to more delinquencies on credit card and auto loans as borrowing costs increase, exacerbating financial strain.
Many individuals, like 43-year-old Army veteran Ora Dorsey, are struggling to pay off debts as interest expenses soar, making it challenging to save for retirement or emergencies, especially with multiple jobs.
Federal Reserve officials plan to maintain high interest rates for months, affecting those already burdened by high prices, stagnant wages, and depleting savings, with the possibility of further rate hikes if inflation rises.
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