Sarah Foster of Bankrate –

You don’t want to hit the snooze button when the Federal Reserve decides to raise or lower rates.

The central bank of the U.S. – also known as the Fed – is charged by Congress with maintaining economic and financial stability. Mainly, it tries to keep the economy afloat by raising or lowering the cost of borrowing money, and its actions have a great deal of influence on your wallet.

Why does the Fed raise or lower interest rates?

1. The Fed affects credit card rates

2. The Fed affects savings and CD rates

3. The Fed’s influence over mortgage rates is complicated

4. The Fed impacts HELOCs (home equity lines of credit)

5. The Fed drives auto loan rates

The bottom line? Continue reading…