Thursday’s business headlines

INDIANAPOLIS (WISH) — Here’s a look at Thursday’s business headlines with Jane King.

Revlon files for bankruptcy protection

This morning, Revlon filed for bankruptcy.

The company is at about $575 million worth of debt, and are trying to restructure that to make it easier to pay off.

Revlon is a much older brand than their competitors, so revamping their brand is going to help get through their bankruptcy filing.

Federal Reserve hikes interest rates by 0.75%

The Federal Reserve hiked interest rates by a super-sized three quarters of a percentage point Wednesday, the biggest increase since 1994 and said it may do so again in July.

As rates rise, it makes sense to accelerate some financial plans and put off others, financial advisers say.

Credit card debt and other loans with variable rates are likely to get more expensive and should be dealt with first.

One upside of a rate increase is that many banks and other institutions will likely offer at least slightly better rates on savings accounts.

More than half of Americans dipping into savings, going into debt

Over half of Americans are dipping into savings or going into debt to cover expenses.

The National Retail Federation says 72% of consumers in the lowest income category have had to dip into savings, borrow money or are going into debt.

Facebook planning major redesign

Facebook is planning a major redesign to compete with Tiktok.

The Verge says it will heavily emphasize recommended content from pages, creators and people you don’t already follow.

The goal is to shift Facebook into a “discovery engine,” which would heavily rely on recommendations.