00:00The Federal Reserve's latest rate increase is set to ripple through household finances,
00:03with borrowing costs likely to rise for credit cards and other variable rate debt.
00:07Savers, meanwhile, could see higher returns on savings accounts and CDs as banks adjust their rates.
00:13Mortgage rates won't necessarily move in lockstep with the Fed
00:17because they are more closely tied to longer-term market rates.
00:21For consumers, the key difference is whether they're borrowing money or earning interest on it.
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