Expectations are that the Federal Reserve will raise federal fund rates, hiking current levels by around 25 basis points, to between 0.5 and 0.75 percent. This will affect debts with variable interest rates, including outstanding balances on credit cards and private student loans. Also, many feel that Donald Trump's administration will pursue a higher rate of inflation, bringing even further costs in 2017.
Matt Schultz, an industry expert, said, "Most people think that we're going to have multiple rate hikes from the Fed in the next year, and if those predictions are correct it's going to have an impact on folks who have credit card debt." Schulz pointed out that this should encourage all consumers to pay down their
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