🖤 Donations of all sizes power our public service journalism Give Now
These aren’t your grandpa’s high interest rates
Sep 13, 2022
Episode 751

These aren’t your grandpa’s high interest rates

But they still hurt.

High(er) interest rates are here and probably not going anywhere anytime soon. Today’s inflation numbers almost guarantee that the Federal Reserve will raise rates by another three-quarters of a percentage point.

But it’s been such a long time since the U.S. economy has been in a high-interest-rate environment that many of us are wondering exactly how to navigate our personal finances.

“I think you really do have to reassess your relationship with credit because a lot of us, if we’re honest, have leaned on borrowing to excessive levels. And that’s particularly true with credit card debt,” said Lynnette Khalfani-Cox, personal finance expert and author of the book “Zero Debt: The Ultimate Guide to Financial Freedom.”

On the show today, Khalfani-Cox explains what high interest rates mean for consumers and why they aren’t translating into higher savings rates. As always, consult your own personal finance expert before making financial decisions.

Later, we’ll talk about the latest inflation report and look into whether child poverty is really getting better. We’ll do the numbers.

Then, stick around to hear what artificial intelligence has to do with French fries, and a philosopher drops some wisdom on us.

Here’s everything we talked about today:

Join us tomorrow for Whaddya Wanna Know Wednesday. And if you’ve got a question about money, business or the economy, leave us a voice mail at 508-U-B-SMART or email us at makemesmart@marketplace.org.

None of us is as smart as all of us.

No matter how bananapants your day is, “Make Me Smart” is here to help you through it all— 5 days a week.

It’s never just a one-way conversation. Your questions, reactions, and donations are a vital part of the show. And we’re grateful for every single one.

Donate any amount to become a Marketplace Investor and help make us smarter (and make us smile!) every day.

The team

Marissa Cabrera Senior Producer
Bridget Bodnar Senior Producer
Tony Wagner Digital Producer
Marque Greene Associate Producer