How Fed's first rate hike in more than 3 years will affect credit card, mortgage, savings rates

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  • The hike would be first increase of the federal funds rate in more than 3 years and will kick off a projected 5 to 7 such moves this year.
  • Americans will soon see higher rates on everything from credit cards to mortgages.
  • But they will also finally see rates rise on some bank savings accounts and CDs.

Consumer borrowing costs are headed higher.

Much higher.

With the Federal Reserve set to raise its key short-term interest rate by a quarter percentage point Wednesday, Americans will soon see higher rates on everything from credit cards to mortgages.

The good news: Consumers will also finally see rates rise from measly levels on at least some bank savings accounts and CDs.

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