The increase will add to interest costs for credit-card borrowers but won't directly affect mortgage rates. The Fed's decision affects consumer borrowing costs, with credit-card rates tied to the prime rate, which moves with the fed funds rate. Mortgage rates, however, are influenced more by long-term bond yields, including the 10-year Treasury.

So while credit-card holders may see higher monthly payments, mortgage rates may not immediately follow. The increase also impacts savings accounts and auto loans, though the full effect depends on how banks adjust their rates. Consumers should review their debt and savings strategies accordingly.