Fed set to raise interest rates again

The Federal Reserve is all set to introduce another aggressive rate hike today, the sixth time this year, as inflation continues to affect the economy with no signs of slowing down.

Fed Chair Jerome Powell would likely increase the interest rates by 75 basis points, which would bring the Fed's target range to 3.75% to 4%.

The impact on finances
A rise in interest rates leads to an increase in certain factors in the economy. 

Credit card rate: A 75 bps rate hike will add $75 of interest for every $10,000 in debt. With the five hikes that have increased rates by a combined 3 percentage points this year, consumers are already paying $300 more on a $10,000 debt.

Consumers who carry a balance on their credit cards will be affected the most.

The average credit card rate was about 22.21% in October. 

Mortgage rate: Mortgages can expect a rise in interest rates, with a 30-year loan rate standing at 7% last month.

Savings accounts: The silver lining is the higher rates for savings accounts and certificates of deposit. The national average interest rate is 0.16%, per Bankrate.