One of the main themes that is dominating business news nowadays is interest rates. More specifically the question on everyone’s mind is when will the Federal Reserve increase the fed funds rate from the ultra-low rates now. The talking heads, pundits, fed watchers and other experts debate this  issue on a daily basis in the media, ordinary investors need to understand how rising rates will affect their everyday life. For instance, what is the impact higher rate on mortgage, auto-loans, credit-card debt, etc.

The following neat infographic from Charles Schwab explains the answers:

Click to enlarge

Source: What Rising Interest Rates Mean for You, Charles Schwab