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Fed raises interest rates: What it means for your budget

02:20

The Federal Reserve raised rates by a quarter point while predicting six more rate hikes are likely this year as it works to cool the economy without undermining the strong labor market. The higher rates are expected to impact credit cards, new car loans, adjustable-rate loans and new home mortgage rates. NBC’s Tom Costello reports for TODAY.

What you can do to strengthen your finances as interest rates rise