The Federal Reserve announced Wednesday it would leave interest rates unchanged, though it still forecasts three hikes later in 2017. The Fed moves could increase the cost of your debt and limit your access to credit.
You can prepare for those rises now by reducing your debt, grabbing low-rate offers and changing the terms of your loans.
"Take a look at how you're paying your debt," said Stacey Tisdale, CEO of financial literacy company Mind Money Media. "For people carrying little or no balance, the impact [of a Fed rate hike] would barely be felt. Those carrying large balances would see a noticeable difference."
Here's a breakdown of how a rate increase or several hikes would affect your credit cards, mortgages and student loans.