NEW YORK (CNN/Money) - Though the Federal Reserve decided to leave short-term interest rates alone on Tuesday, an increase is expected later this year.

What should consumers do in the meantime? Here are today's 5 tips.

The Fed's big focus here is on the federal funds rate. This rate is also known as the overnight rate and is what banks charge one another for overnight loans to cover their reserves.

CNNfn's Gerri Willis shares five tips on what rising rates mean for consumers. Play video (Real or Windows Media)

This rate has been stuck at a 46-year low of 1 percent since June, when the Fed cut rates for the 13th time in 30 months. If the Fed was to raise that federal funds rate, chances are the banks would pass that increase on to you, the consumer.

Think of the fed funds rate as the leader of the pack. When it moves up or down, other rates follow, including the prime rate. This is currently at 4 percent. Most home equity loans, lines of credit, credit card and auto loans are linked to whatever the prime rate is.

As we've mentioned, while most economists don't expect the Fed to make a move just yet, the Fed has made it clear to the consumer it will move sooner rather than later to make certain inflation, and the potential for rising prices, remains in check.

Higher mortgage rates are most likely where you'll see rates move first. In fact, we already have been seeing an increase.

The national average on the 30-year fixed is hovering around 6.07 percent and is expected to jump to 7 percent by the end of the year.

Current Mortgage Rates   Type Overall avgs 30 yr fixed mtg 5.69% 15 yr fixed mtg 5.28% 30 yr fixed jumbo mtg 6.97% 5/1 ARM 5.09% 5/1 jumbo ARM 6.17% Find personalized rates:

This is a hefty pop from 5.41 percent about a month and a half ago. Mortgage rates generally follow the Treasury market (10-yr. treasuries) and move up and down with expectations about the economy.

For that reason, you may not want to wait any longer before locking in a fixed-rate. Log onto Bankrate.com for the latest moves in mortgage rates and shop around at HSH.com.

Attention homeowners! If we were to see a sharp spike in rates, it could make your home more expensive to prospective buyers. And if the situation were to persist, sooner than later we could see much weaker house price gains and possibly price declines somewhere down the road.

The bulk of credit card rates are tied to the prime rate. Therefore, as the Fed raises interest rates, rates on credit cards tend to move in turn, though there may be a bit of a lag as issuers might re-price a month or a couple of months after an interest rate move.

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Nonetheless, McBride warns consumers there is no protection from higher rates in terms of credit cards. In fact, even a fixed rate card is not a safe haven. Issuers can change the terms of fixed rate cards with as little as 15 days' notice.

The best solution? Pay down your cards, starting with the one with the highest interest rate. And don't forget about any home equity lines of credit or HELOCS. Their rate is adjustable and moves with the prime rate as well. You are best off paying that debt down now if you can.

If you have an adjustable rate mortgage take the time to check the terms of your loan and whether you are hitting your locked rate deadline soon.

For those of you who have been trying to save money over the past few years, we feel your pain. Low rates have resulted in abysmal returns.

Nonetheless, continue to keep your emergency fund invested in money markets or short-term CDs with maturities that work with how quickly you may need the money.

If you have money that you want to invest for a longer period of time, it is not worth tying up your money in a low rate three, four or five year CD if rates begin to rise.

However, while you will certainly be happy reaping stronger returns, watch out for signs of inflation. Currently, commodity prices are on the rise and producer prices have been increasing at a significantly faster clip than consumer prices.

You can expect the Fed will react quickly to raise rates if it sees clear evidence of inflation.

Right before a time of rising interest rates you'll want to limit your exposure to long-term bonds and concentrate on short-term maturities. Remember, bond prices move in the opposite direction of yields.

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One tip: ladder your maturities so that as they mature you can put your money to work and reset the overall yield of the fixed income portion of your portfolio.

Also, consider the Treasury Department's TIPS. These are inflation protected securities. The yields on these bonds reset with changes in inflation.

Gerri Willis is a personal finance editor for CNN Business News. Willis also is co-host of CNNfn's The FlipSide, weekdays from 11 a.m. to 12:30 p.m. (ET). E-mail comments to 5tips@cnnfn.com.