The Federal Reserve is expected to raise interest rates on Wednesday for the first time in nearly a decade. It's expected to be a 0.25 percent hike, which is a small and anticipated increase, NBC News reported.
The hike will impact people in all sectors of the market, from home buyers and investors to people looking to buy cars and credit card users.
Experts say you should prepare for volatility — and lower returns — in the stock market. Rising rates, however, will help the beleaguered savers who've seen anemic returns over the past half-decade or so. Car loan rates meanwhile, will go up with the increase in the Fed funds rate, but on a $25,000 car loan, the difference is only about $3 a month.
