Where you will likely see the impact of the higher rates will be on your mortgage if it's not a fixed rate. Also, your credit card rates and your car loan or any new loans you take on.
Because of that, Dendy says to be mindful with the holiday shopping season approaching. He says shoppers should look for zero-interest deals and pay off any credit debt as soon as possible. "For a lot of people at the end of the holiday season they may have taken three or four months to pay back the money they spent, it's going to cost more this year than it did last year or the year before or the past 20 years," Dendy said."This is a great time for all consumers to revisit budgets and make sure we are getting maximum enjoyment for every dollar we spend,” Dendy said.