NEW YORK (CNN/Money) – As expected, Fed policy makers on Tuesday increased the Fed funds rate by another quarter of a percentage point.

The increase was the third this year.

Since a hike in the Fed funds rate, the overnight lending rate between banks, can influence a host of interest rates consumers pay, you very well may feel the pinch.

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.