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Here’s what the Fed’s expected rate hike means for your wallet


The Federal Reserve is expected to raise rates Wednesday as they look to contain soaring inflation.

The first quarter-point increase in the federal funds rate in three years will likely lay the groundwork for additional hikes to follow.

“The cumulative effect of rate hikes is what is really going to have an impact on the economy and household budgets,” said Greg McBride,’s chief financial analyst.

Typically, as borrowing costs rise, consumers will spend less, ultimately cooling the pressure on prices. But if you’re concerned about what this means for your own credit card debt, auto loan, mortgage rate and student loan tab, here’s a breakdown of what may happen. 

Credit cards


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