With the Federal Reserve's latest quarter-point interest rate increase, the seventh such hike in two years, some consumers may need a life jacket.
The Fed move pushes the funds rate target to 1.75 percent to 2 percent. That rate, of course, is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate instruments.
"Over time, that cumulative effect is growing," said Greg McBride, the chief financial analyst at Bankrate.com.
For the average American, recent signs of rising inflation, which pushed the central bank into hiking rates beginning in 2015, aren't necessarily bad. They're generally considered an indication that the economy is doing well, and pave the way for raises and a better return on your savings.