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How rising interest rates will impact credit cards, mortgages, more

03:21

The Federal Reserve announced Wednesday that an interest rate hike is coming in March, following two years of near-zero rates. NBC News senior business correspondent Stephanie Ruhle breaks down what this will mean for your wallet saying, “If you can start paying down your payments, do it now.” She also explains why rising interest rates could help lower prices across the supply chain. “Interest rates and inflation move together, it’s the tool the Fed uses to keep inflation in check,” she says.