Jania Stout Featured on ABC7/WJLA Discussing the Recent Interest Rate Spikes

Interest rates are at an all-time high and more interest rate increases are coming.

Inflation has been a significant issue coming out of the pandemic and the Federal Reserve recently increased interest rates again in an effort to balance out the economy and bring down the prices of goods and services. With more interest rate hikes expected, Jania Stout, Senior Vice President of Retirement + Wealth at OneDigital, explains how this will impact borrowers and savers.

Take a look at what are you planning on spending on, the items or trips or whatever, take a hard look at it, and maybe postpone those purchases until later on, because if you're taking out credit card debt or loans, you're going to pay a higher interest rate on it.
 
— Jania Stout, Senior Vice President, OneDigital Retirement + Wealth

In her ABC7/WJLA interview, Stout says that the downside of a higher federal interest rate is that credit card interest becomes more expensive and mortgages and loans become costlier. But the upsides are over the longer term, rate hikes don’t hurt stocks and they typically lead to higher yields on savings accounts.

Watch the full interview here.

Want to read more from Jania Stout? Check out her recent article: The One Thing You Can Do To Prepare For Retirement During Each Decade