The Federal Reserve has increased the interest rates to a range of 0.75% to 1.00%. This has an impact on many of the companies and consumers within the United States. The rise of interest rates impacts mortgage loans, credit card rates, student loans, even the U.S. national debt. To narrow which industry to focus on, my KPMG audit team will focus on the impact this has on our client, VISA, within the credit card industry. Although our client does not extend credit to its consumers, many consumers will be forced to rethink whether opening a line of credit is safe to due during this rate hike. Individuals who own credit cards now, especially cards with variable rates, will see the annual percentage rate (APR) go up by one or two percentage
