The U.S. Federal Reserve is widely expected to raise its target fed funds rate this year. Whether that will be as early as this month or later is still unclear. But one thing that's certain is that the second increase in a decade will impact the cost of consumer credit.
"One single-quarter point move isn't something you're necessarily going to notice," according to Bankrate.com Chief Financial Analyst Greg McBride. Still, "it's a great time to dial in on where your interest rates are and shop around to get better deals."
Here's a breakdown of what to do if you're concerned about what this means for your bank account, adjustable-rate mortgage loan or credit card, and how to turn a rate hike into an opportunity to save.