Now watch those credit card rates

Amey Stone

The Federal Reserve voted on Dec. 14 to raise short-term rates another quarter point -- to 2.25%, up from just 1% in June. The announcement came a little after 2 p.m. and was quickly followed by banks announcing they were hiking their prime lending rate. Bank of America, Fleet, and Wells Fargo, for example, have all said they are raising their rate to 5.25%.

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