What the Federal Interest Rate Hike Means for You - NBC 10 Philadelphia
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What the Federal Interest Rate Hike Means for You

Financing a $25,000 new car increases by $3 more a month

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    NEWSLETTERS

    What the Federal Interest Rate Hike Means for You
    Chip Somodevilla/Getty Images
    The Federal Reserve on Sept. 16, 2008 in Washington, DC.

    The Fed raised interest rates a quarter of a point this afternoon. Here's what it means for your money, NBC News reported.

    Savings: "The 'average' saver won't see much benefit because the 'average' financial institution is unlikely to increase the measly payouts in a meaningful way," said Greg McBride, chief financial analyst for Bankrate.com.

    Credit Cards: You'll pay an extra $40 in interest every year, based on the average credit card debt of $16,000 at current average of 15 percent interest.

    Home Equity Line of Credit (HELOC): A $30,000 line of credit will cost you $75 more in annual interest.

    GOP Still Split on Graham-Cassidy Health Care Bill

    [NATL] GOP Lawmakers Split on Graham-Cassidy Health Care Bill

    Republicans expect to vote next week on a health care bill known as Graham-Cassidy, named for the senators who wrote it, which would scale back Medicaid. Some GOP lawmakers are split on the newest effort to undo Obamacare, while Democrats are planning for more demonstrations against it.

    (Published 6 hours ago)

    New Car: Financing a $25,000 new set of wheels increases by $3 more a month.

    Mortgages: If you're shopping for a new house, the mortgage could run you an additional $720 a year if all of the Fed's three expected rate hikes go through, according to Bankrate.com.