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What Effect Will the Fed Interest Rate Hikes Have on Your Credit Card Debt

With companies jacking up credit card APR, the Fed increase will cost consumers roughly $1.4 billion in additional charges, according to WalletHub.

A survey by Bankrate.com found that 49% of Americans are concerned about rising interest rates this year. But that number probably should be higher.

Today, the average household with credit card debt has balances totaling $16,061. Of that, $6,885 is revolving debt. Revolving debt traditionally cost U.S. households $1,292 in interest, but that cost increases to $1,309 thanks to the Fed's 0.25% rate hike. 

READ MORE: Why Half of You Worry About the Fed's Interest Rate Hikes

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This article was written by a staff member of TheStreet.