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What rising interest rates mean for you

You’ve probably seen news about the Federal Reserve raising the prime rate, which trickles down to the interest rates charged and paid by banks, credit card companies and others. But what does this really mean for you or for your business?

First, some perspective:  Rates are still historically very low. But even when rates rise, the news isn’t all bad. With preparation and planning, you can find positives and reduce the impact.

Remember, rates go up for a reason – usually to head off inflation and the inflated raw material costs, wages and other increased expenses. Through that lens, higher interest is a natural part of the business cycle. With the support of your banker, you can enjoy the positives of higher rates while protecting yourself and your business.