Another Fed Rate Hike Could Cost Credit Card Users $1.7 Billion Over Next 12 Months: Report

This illustration picture shows debit and credit cards arranged on a desk in Arlington, Va. on April 6, 2020. Olivier Douliery/AFP via Getty Images

Another interest-rate hike by the Federal Reserve could cost credit card users at least $1.7 billion in added interest charges over the next 12 months, according to a new report from WalletHub.

The report, published on May 1, found that consumers will pay around $31.7 billion in extra interest charges over the next year due to the central bank’s 475 basis points in rate hikes between March 2022 and March 2023.