In an effort to curb high inflation, the US central bank raised its overnight interest rate by another 75 basis points to 2.50%

With inflation above 9%, we're short of the mark and more interest rate hikes will follow in the coming months," said financial analyst Greg McBride

When the overnight bank loan interest rate, also known as the federal funds rate, rises, so do the interest rates on various loans that banks offer to their customers

If you carry balances on your credit cards, which often have high variable interest rates, consider transferring them to a zero-rate balance transfer card

Less debt and more savings will allow you to better weather rising interest rates, and this is especially valuable if the economy is in a downturn

The best strategy is to always pay off as much of your existing balance as possible and do so every month before the zero-rate period ends

Mortgage interest rates have risen over the past year, jumping more than two percentage points since January

Don't jump into a big purchase that isn't right for you because the interest rate may go up

Regardless of how interest rates behave in the future, rushing into a big-ticket item like a house or car that doesn't fit your budget is an invitation to trouble