The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point on Wednesday, though broader market forces have already elevated borrowing costs on mortgages and other consumer loans. It would be the first time in more than three years that the Fed raised rates.

Many consumer products, like credit cards, personal loans and small-business loans, are pegged to the prime rate, which tracks the Fed’s actions. That means most credit-card holders can expect the rates they pay to rise within the next couple of billing cycles. "While the near-term impact on minimum monthly credit card payments may be relatively small, higher borrowing costs can add up over time," said Michele Raneri, vice president at Trans Union. "Reducing revolving debt remains one of the most effective ways to limit the impact of rising rates."

But that can be challenging for many Americans leaning on credit cards amid persistent inflation. "The high cost of living is the biggest stressor on household budgets," said Ted Rossman, a principal consumer finance analyst at Money Management International in Texas.

Not all loan rates are directly linked to the Fed’s moves. Rates on 30-year, fixed-rate mortgages generally track with the yield on the 10-year Treasury bonds, which rose to 5.04 percent on Tuesday, its highest level in nearly 20 years. That has pushed mortgage rates to their highest levels in more than a year: 30-year fixed-rate loans averaged 6.76 percent as of Thursday, according to Freddie Mac.