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What the Fed will cost you
Your debt may cost you more now that the Fed hiked rates again. Just where and when is the question.
August 10, 2004: 2:27 PM EDT
By Jeanne Sahadi, CNN/Money senior writer

NEW YORK (CNN/Money) As most analysts expected, the Federal Open Market Committee on Tuesday hiked the Fed funds rate by 25 basis points, or a quarter of a percentage point.

The increase was the second one this year.

You're probably expecting to feel a pinch, since a hike in the Fed funds rate, which is the overnight lending rate between banks, can influence a host of interest rates consumers pay.

But just when that pinch will affect your wallet -- and how painful it will be -- depends on the type of debt you're carrying or hoping to finance. In some instances, the pain actually may be muted or nonexistent.

Click to see how and when mortgages, home equity loans and lines of credit, credit cards, car loans and student loans will be affected.

Editor's note: This article, originally published in May, has been updated.  Top of page

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