Feb 16, 2023

Rising Interest Rates: What It Means For You

When taking on any kind of loan, one of the biggest factors to consider is the interest rate, which will have a direct impact on the size of your monthly payment. The Federal Reserve has raised its benchmark interest rate several times in the last year– from nearly 0% last March to 4.5-4.75% as of early February, 2023. The pace and cumulative size of these rate hikes hadn’t been seen in decades.

What’s behind the barrage of increases? For better or worse, increasing rates is the Fed’s primary method for combating inflation– which has been running at its highest level since the 1980’s. Inflation seems to be on the decline in early 2023– but not at the speed economists had hoped, and many experts expect additional rate increases in the coming months.

Unfortunately, the federal funds rate does directly impact the borrowing rates of the average consumer in a number of areas. Simply put, any debt you take on in 2023 will cost you more than it would have a year ago. That includes mortgages, auto loans, credit card debt and personal and fertility loans.

For many people, major life milestones, like starting a family, can’t wait the months or years it may take for rates to dip again. So here’s the good news: there are still smart, stable ways to finance a large expense like fertility treatment. While the average credit card APR is around 20% and U.S. credit card debt is hitting record numbers, personal loans provide much lower interest rates by comparison. At Future Family, we’re proud to offer the most competitive, fixed rate loans in the industry. In fact, we kicked off 2023 with the launch of a one-of-a-kind 0% APR loan for those who qualify.

There’s no doubt that the economic headlines have been troubling for the past year. But the fertility finance experts at Future Family are here to walk you through all your options, so you can feel calm and confident as you embark on your fertility journey.

To learn even more about financing with a credit card vs. a personal loan, check out these articles.

Get Pre-Approved for a Fertility Loan Today

If you’re interested in pursuing a fertility loan, see if you prequalify today. Applicants can be pre-approved in 90 seconds, and this process does not impact your credit score.

If you have any questions, please contact us at: financing@futurefamily.com.

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Family can help you

Flexible financing plans and dedicated support for all your fertility needs