‘Savings are gonna run out': Already battered by high inflation, Fed's rate hike will hit lower-income and rural Americans hard

``The Fed's four rate hikes this year could hurt low-income families more than most, said Radha Seshagiri, the public policy and system change director at SaverLife, a nonprofit that helps families with low and moderate incomes to save money. They are already struggling to pay back credit-card loans and purchase big-ticket items like automobiles due to the rising costs, she said. ''