From what I’ve read 8 out of 11 times that rates were risen like this, a recession has followed 1-2 years afterwards.
I suggest EVERYONE save their money for the tough times ahead.
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I work for the credit card division, but tell anyone that will listen to not use their credit cards if they can't pay them off every month.
I have been on both sides of this type economy...in debt, not in debt.
Those of us that think cash is king, have a better time of it when interest rates rise.
Cash yields a -3% return each year if you leave it in a savings account.
The real key is not having cash.........its not having debt. People who are over leveraged and are a house of cards will be exposed, and rightly so. Weak hands fold.
You have nothing to lose by doing this. If the worse happens, you’re somewhat prepared. If the best happens and the recession does not take place, you have some money saved up.