"Understanding the Impact of Fed Rate Hike on Credit Card Bills"

The Federal Reserve's recent rate increase will likely raise the Annual Percentage Rate (APR) on credit cards by 0.25%. If you have credit card debt, it's important to know your APR and consider debt payoff strategies such as transferring your balance to a low-interest credit card or pursuing a debt management plan. To reduce credit card debt, consider paying more than the minimum payment and using the "debt snowball" method. The Consumer Financial Protection Bureau also recommends using cash for purchases under $20 to avoid overspending on credit cards.