What the Federal Interest Rate Hike Means for You - NBC4 Washington
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What the Federal Interest Rate Hike Means for You

Financing a $25,000 new car increases by $3 more a month

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    NEWSLETTERS

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    Chip Somodevilla/Getty Images
    The Federal Reserve on Sept. 16, 2008 in Washington, DC.

    The Fed raised interest rates a quarter of a point this afternoon. Here's what it means for your money, NBC News reported.

    Savings: "The 'average' saver won't see much benefit because the 'average' financial institution is unlikely to increase the measly payouts in a meaningful way," said Greg McBride, chief financial analyst for Bankrate.com.

    Credit Cards: You'll pay an extra $40 in interest every year, based on the average credit card debt of $16,000 at current average of 15 percent interest.

    Home Equity Line of Credit (HELOC): A $30,000 line of credit will cost you $75 more in annual interest.

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    New Car: Financing a $25,000 new set of wheels increases by $3 more a month.

    Mortgages: If you're shopping for a new house, the mortgage could run you an additional $720 a year if all of the Fed's three expected rate hikes go through, according to Bankrate.com.