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Touching home equity lines
Your home equity line of credit, or HELOC, is linked to the prime rate. When the Fed raises its target rate, HELOC rates follow.
Because credit card interest rates will go up, too, it still could be to your advantage to consolidate credit card debt into a lower-rate HELOC if you have the self-discipline to pay off the debt as quickly as you can.
The sooner you pay off variable-rate debt, the better, because many investors and economists expect the Fed to keep gradually increasing the federal funds rate.