How a rise in interest rates may affect you

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(CNN) -- Be prepared to pay more, the Federal Reserve has raised its key interest rate by a quarter of a percentage point.

Here's how that will affect you -- credit cards will get more expensive because companies typically mirror the fed. So chances are the interest rate you pay could rise soon.

If you can, pay off your balances fast, or transfer your balance to a zero-interest card to give you a little more time.

Car loan companies tend to do the same thing as credit card companies.