This is how a higher Fed rate could affect your finances


              FILE- In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass.  Record low-interest mortgages are long gone. Credit card rates will likely rise. You'll pay more for an auto loan. The unusually large three-quarter point hike, Wednesday, June 15, 2022 in the Fed's benchmark short-term rate is going to have a lot of impacts on Americans' finances. The hope is that by making borrowing more expensive, the Fed will succeed in cooling demand for homes, cars and other goods and services and slow inflation (AP Photo/Elise Amendola, File)
            
              FILE - Credit cards as seen Thursday, July 1, 2021, in Orlando, Fla.  Record low-interest mortgages are long gone. Credit card rates will likely rise. You'll pay more for an auto loan. The unusually large three-quarter point hike, Wednesday, June 15, 2022 in the Fed's benchmark short-term rate is going to have a lot of impacts on Americans' finances. The hope is that by making borrowing more expensive, the Fed will succeed in cooling demand for homes, cars and other goods and services and slow inflation. (AP Photo/John Raoux, File)
This is how a higher Fed rate could affect your finances