12/22/2018
The prime rate is a guiding interest rate that lenders reference when they set interest rates for consumers on things like credit cards, loans or mortgages. But who or what decides the prime rate, and how does it affect you?
Have you ever wondered how interest rates are set for the money you borrow? They’re typically based on the prime rate. When the prime rate goes up or down, consumer interest rates are likely to do the same.
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