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| It's Wednesday. Hump Day. Federal Reserve interest rate day. Whatever you want to call it, we're halfway to the weekend. It's Brett Molina back with your latest headlines in Money, Tech and Travel. |
| Before we dig in to the big news of the day, it's time to pour one out for Internet Explorer. The longstanding web browser is being retired by Microsoft today. If you try to open the app, Microsoft will redirect you to its new Microsoft Edge browser. |
| Whether your memories were filled with fondness for Explorer or frustration (there's a reason many of us flipped to Google Chrome or Firefox), you certainly won't forget IE. |
Why the Fed's big decision matters to you |
| The Federal Reserve's policy-making committee wraps up its two-day meeting on Wednesday, and it's highly likely they will raise rates once again. Some economists believe Wednesday's hike could be the biggest since 1994. |
| So, how exactly does the Fed's rate hike directly affect you? Let's break it down: |
| You will pay more to borrow money. The average rate for a 10-year home equity line of credit is 4.74%. If you have a $50,000 credit line, and you only pay the minimum monthly amount, an increase of 0.75% means you will pay $7,500 more in interest over the life of the loan. |
| Buying a home will cost more. If you own a home and have a fixed-rate mortgage, you won't see any changes. But if you're trying to buy a new home, those mortgage rates will be higher. |
| Credit card debt will cost more. Let's say you have $5,000 in credit card debt, and pay the $25 per month minimum. The expected rate hike could potentially add more than $300 in interest over the expected length of the loan. |
📰 More stories you shouldn't miss 📰 |
| A warning from Fisher-Price and CPSC. The company and agency say don't use infant rockers for sleep after multiple deaths were linked to the products. |
| When life hands you lemons, make lemonade. Then start your own stand as a springboard to becoming an entrepreneur like this Colorado kid. |
| Ridin' solo. Is it worth it to embark on a cruise by yourself? |
| Retire a millionaire? Even if you're in your 50s, it can be done. |
Get out of my dreams, get into my (electric) car |
| Thanks to record-breaking gas prices, more people are weighing whether to buy an electric car. But is it really cost-effective to switch from a gas-powered vehicle to electric? USA TODAY columnist Jennifer Jolly spent two weeks driving the electric Polestar 2 and details the pros and cons of ditching gas. |
🎵 Mood music 🎵 |
| Shoutout to USA TODAY's Morgan Hines, who shared the perfect track in her story about cruising solo: "Island in the Sun" by Weezer. Being more of a "Blue Album" fan myself, and because it's summer vacation season, I'm choosing a different Weezer track for today: "Holiday." |
| "Holiday, far away, to stay. On a holiday, far away, let's go today, in a heartbeat." |
| New to the newsletter? Subscribe to The Daily Money to get the best consumer and financial news from USA TODAY delivered to your inbox every weekday morning. And give our Daily Money Mood Music Spotify playlist a listen. It features every song quoted here. |
| Follow Brett Molina on Twitter: @brettmolina23. |
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