Happy New Year to everyone reading this article. Each new year brings with it a little baggage from the year before, but also the hope for better days ahead. This year brings with it some economic baggage from 2022, in the form of high inflation and rising interest rates. These two factors have put a squeeze on everyone’s finances. A dollar doesn’t go as far as it did a year ago and if you borrow a dollar, it’s going to cost you more in interest than it has in over a decade.  The U.S. inflation rate is 7.1%, as of November, which is way too high. This percentage has come down from its high of 9.1% last May but is still more than triple the 2% target rate of inflation. The prime interest rate, which is the underlying index for most credit cards, home equity, auto, and personal loans, is currently 7.5%...the highest it’s been since October 2007. This prime interest rate was at or below 5.5% for over fourteen years from 2008 to 2022. 

Children across Weber County will be receiving shoes this winter thanks to the Warm the Soles initiative here at Wasatch Peaks. 

Protect your auto investment with healthCAR through Wasatch Peaks Credit Union.