Interest rates rising as economy booms

Experts are warning consumers with credit card debt that the cost of borrowing will be going up.
1:29 | 06/13/18

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Transcript for Interest rates rising as economy booms
Next to your money, and a move that could affect your car loan, mortgage, and credit card. Raising rates a quarter point. This could affect families in very real ways. Rebecca Jarvis, tracking your money. Reporter: Tonight, the economy booming. And to keep it from overheating, that rate hike, with the federal reserve signaling two more increases later this year. The main takeaway is that the economy is doing very well. Reporter: The key takeaway for consumers carrying credit card debt or hoping to buy a new car or home? The cost of borrowing is going up. It doesn't mean you want to rush into buying a house if you're not ready, but if you are ready, you might want to consider locking in the rates now when they're lower. Reporter: Adjustable rate mortgages, also getting more expensive. And for anyone with a balance on those credit cards, now is the time to pay it down. It's only going to get more expensive. Most credit cards are variable rate so within a billing cycle, or two, you'll start to see those interest rates go up. So if you're carrying any credit card debt, it's important to prioritize paying that off. Reporter: David, the fed also says that it expects the jobs market to continue improving. And believes unemployment will fall to 3.6%, the lowest since the late 1960s. Rebecca, thank you. From California, a proposal to divide the state into three

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