As Fed raises rates, look for higher costs on credit cards, car loans and home mortgages

Americans are taking on more debt, and they're soon going to be paying more for it.

The Federal Reserve on Wednesday raised its benchmark interest rate, citing an improving economy, low unemployment and rising wages. The move will affect millions of Americans by making it more expensive to borrow money, whether that's in the form of credit card balances, car loans or some home mortgages.

This may mean the time is ripe to make a big purchase before interest rates go higher. The Fed already has promised two