"Federal Reserve's Actions Impact Credit Cards, Mortgages, and Currency Markets"

The Federal Reserve's recent interest rate increase will likely raise the APR on credit cards by 0.25%. If you carry a balance, this means your debt just got more expensive. To reduce credit card debt, consider signing up for a zero percent interest or low interest balance transfer promotion, taking a low-rate personal loan for consolidation, or pursuing a debt management plan offered by a reputable nonprofit credit counseling agency. Other strategies include paying more than the minimum payment and using the "debt snowball" method to pay off smaller debts first.