Money is going be a lot more expensive in 2017. Mortgages, credit cards, student loans...the price for carrying any debt is going up, soon. The time to prepare yourself and your money is now.
When the Federal Reserve raised interests rates back in December, you probably yawned. The stock market certainly did. The increase had been telegraphed for some time, so markets didn't miss a beat. And while rates for loans and other kinds of borrowing ticked up, most folks weren't losing sleep over the modest 0.25% Fed Funds rate hike.
What many missed was the clear warning that the Fed expects three more rate increases during 2017, and perhaps that many again in 2018 and 2019. That's the real news. It means mortgages could cost a full percentage point more by the end of this year than last year, and as much as 3% more within 24-36 months. That's more than a warning sign. It's a full-sized neon billboard. Don't be foolish; listen to the Fed and act now. Here's how: