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

Source: USA Today — 

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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