SIOUX FALLS, S.D. (KELO) — For the fifth time in six months, the Federal Reserve has raised interest rates in an effort to fight inflation.

This week rates went up by another .75 percentage points, now up a full three percentage points since March.

“This is kind of unheard of, this many rate hikes in a short amount of time,” Matt Pekoske, Levo Credit Union Assistant Vice President of Business Services said.

Federal interest rates are now at the highest level they’ve been since 2008, with many speculating the increases aren’t over yet.

“I anticipate we’re going to see more before the end of the year,” Steve Stofferahn, Levo Credit Union Vice President of Lending said. “I don’t know where it’s going to stop.”

It can be a daunting unknown for business owners and consumers dealing with credit card debt or other variable-rate loans.

“It may have been a great loan a couple years ago pre covid or because of covid, where they were getting prime plus .05% or something of that nature, now with prime increasing as much as it has the past year, their rates have gone up that high,” Pekoske said.

Along with facing these higher payments, they’re also dealing with higher costs due to inflation.

“With businesses, if they’re still trying to grow in this type of environment, the first thing I would recommend is speaking with your accountant or commercial loan officers and getting a business portfolio review,” Pekoske said.

While the rates are changing fast, financial experts say there are still ways to successfully manage growth.

“The actual rates we’re at right now they’re not that far out of norms, a lot of times we’ve been above this,” Stofferahn said. “We got pretty used to an ultra-low rate environment, there’s still favorable rates from a historical perspective so a consumer or business shouldn’t just stop spending or stop borrowing.”

Levo Credit Union says everyone should seek expert advice and review their current portfolio to make changes like locking in rates or other restructuring to help navigate the constantly changing interest rates.

“Just visit with your loan officer, there’s always ways we can structure loans, try to save you money one way or another,” Pekoske said.

While Sioux Falls continues to see record commercial growth this year, financial experts say the higher interest rates could slow down some of that growth. The increased cost of business will also likely continue to trickle down to consumers.