The Federal Reserve is likely to hike interest rates again. What that means for you

The Federal Reserve is likely to hike interest rates again. What that means for you  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, FEB 01, 2023 YOUR WEALTH Editor's Note With the Federal Reserve widely expected to announce its eighth consecutive rate hike Wednesday afternoon, it's a good time to consider how interest rate increases may affect you. Average credit card rates, for example, are already sitting at record highs, writes CNBC reporter Jessica Dickler. Cardholders usually see the impact of a rate hike within a billing cycle or two, so take time now to make a debt repayment plan and weigh options like a 0% balance transfer. If you're planning to buy a home or car in the near term, higher rates can eat into your borrowing power. All the more reason to focus on saving to make a solid down payment, and taking steps to bolster your credit score to qualify you for a lender's best-available rates. In a rising rate environment, it's also smart to periodically reassess where you keep your savings. "If you are shopping around, you are finding the best returns since the great financial crisis. If you are not shopping around, you are still earning next to nothing," said Greg McBride, chief financial analyst at Bankrate.com. For more advice to help you make smart financial decisions, check out CNBC's Financial Advisor Hub and Personal Finance section. Also, join the PF team's weekly Twitter Space, "This Week, Your Wallet," Wednesday at 4 p.m. ET. Click here for a recording of last week's episode. Kelli Grant, CFP | Deputy Personal Finance Editor @KELLIGRANT The Federal Reserve is likely to hike interest rates again. What that means for you The Federal Reserve is expected to raise interest rates once again this week. Here's what that means for your wallet. 64% of Americans are living paycheck to paycheck — here's how to keep your budget in check Rising costs took a toll on household budgets across the board in 2022. These moves can keep your finances in check going forward. Some borrowers may qualify for a student loan interest deduction, despite payment pause Although fewer borrowers will be able to claim the student loan interest deduction this year, some will still qualify for it. Here's what you need to know. 3 key things to know before opening a home equity line of credit As homeowners eye their home equity as a source of cash, there are aspects of so-called HELOCs to consider before signing on the dotted line. How to figure out the best time to file your tax return: Don't 'race to the finish line,' say tax pros You may want a faster tax refund, but the IRS says to slow down and prepare first. Here's the best time to file your tax return. Medicare users still have time to change, drop 2023 Advantage Plan coverage. What to know If you picked a Medicare Advantage Plan during the most recent fall annual enrollment period and it's not a good fit, you can make a change through March 31. What is a 'rolling recession' and how does it affect consumers? Economic experts explain Experts, including a former White House Council of Economic Advisers chair, weigh in on where the economy stands and how consumers can brace for what's ahead. What happens if the Supreme Court strikes down student loan forgiveness? Here are 3 predictions Here's what experts predict will happen if the Supreme Court rules against President Joe Biden's student loan forgiveness plan. Rent prices have dropped the most in these 5 U.S. metro areas. Why it's cheaper to rent in many markets Despite rising U.S. rental prices, competition is easing in some markets as inventory grows, according to a new report. With a possible recession looming, here's how to decide if you should go back to school With a recession possible, inflation and higher interest rates are complicating the usual return on investment equation for continuing higher education. CONTRIBUTORS Sharon Epperson @sharon_epperson Josh Brown @ReformedBroker Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel   Digital Products Feedback Privacy Policy CNBC Events   © 2023 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS