Understanding Interest Rates - and Why You Need to Care

It's easy to lose sight of how interest rates impact our household finances amid a decade of tumultuous rate fluctuations. It may be tempting to write off rate increases and decreases as something you cannot nor should not react to, since it ultimately is out of your control. But to ignore interest rates is folly. What follows is a primer on interest rates and what they mean for you.

First, let's explore what interest rates actually refer to, as well as how they rise and fall. In general terms, interest rates influence the cost of borrowing