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What a Fed rate hike means for you

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The Fed and your finances

The Federal Reserve raised its target federal funds rate by 0.25 percent on Dec. 16, the first such hike since 2006. While it is a small increase, it could have a trickle down effect on your bank account, 401(k) plan, adjustable-rate mortgage loan and even your credit card.

The Fed's decision to edge off of a crisis-level rate policy was long anticipated and experts say this first rate hike in nearly a decade might not have much of an impact overall. But if you're concerned about what this means for your own finances, here is a breakdown and what you can expect.

— By CNBC's Jessica Dickler
Reposted 17 December 2015

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