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Americans could pay $2.2 billion more on their credit-card debt after Fed rate hike

If you have credit-card debt, it just got a little more expensive.

The Federal Reserve on Wednesday raised its benchmark federal funds rate by a quarter-percentage point — to a range of 1.75% to 2% — as many economists had expected. What consumers might not expect: Their credit-card bill is going up, too.

Consumers with credit-card debt will likely pay an additional $2.2 billion in interest payments annually, according to an analysis from the credit-card website CompareCards.com.

To determine that number, analysts at the site looked how much those carrying a balance pay in interest, based on the current average annual percentage rate (APR).

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