CENTER CITY (WPVI) -- Borrowing money just got pricier.
The Federal Reserve hiked interest rates Wednesday for the first time in almost a decade.
What does that mean for you?
Interest rates that were hovering just over 0 percent are now between .25 to .50 percent.
"A quarter of a percent. I don't think it's going to make too many people blink that hard," said Richad Reece of Wynnefield Heights.
But Bradley Reece disagrees.
"I have a lot of credit card debt myself, and packing some on with the holidays," said Bradley Reece of Wynnefield Heights. "Where's the extra money going to come from?"
Studies show the average credit card debt in Pennsylvania is $4,600, higher in Delaware at $5,200 and the most in New Jersey with $5,500.
Several banks have already announced to customers that rates will increase by the end of the week.
"I'll think twice next time I swipe now. That's for sure," said Edmund Howard of West Philadelphia.
"It's a necessary evil. It's got to happen when an economy is starting to come back," said Mike Falco of Falco Wealth Management.
Financial experts said it will take a little longer to see drastic changes in rates for car loans and mortgages.
Realtor Devorah Selber with Berkshire Hathaway is already thinking long term.
"I'm sure it will be impacting business," said Selber.
She tells us for her clients the increase will probably mean, "holding back, not rushing into making a decision (and) deciding to buy for a less price."
But there's a silver lining.
Higher rates for those saving means a bigger return on the money you already have in the bank.