After years at rock bottom, interest rates are slowly creeping up.They’re still comfortably low — making your borrowing cheap and your savings account stingy. But the Federal Reserve has already raised the federal funds rate to 1.25 percent in June, and another increase is “widely expected” in the coming months, says Neil Staeck, business development officer at Wisconsin-based Educators Credit Union.“The amount of the increase and the time frame of course remain to be seen, but the likelihood increases as the economy continues to grow,” Staeck says.So what does that mean for you and your business? Quite a lot, actually.
