The Federal Reserve raised its benchmark interest-rate range to 3.75%-4.00% from 3.50%-3.75%, its first hike in three years, and forecast one more increase this year with no hikes in 2027. Economists and financial advisers say the move arrives with households carrying more expensive credit-card and consumer debt than when the Fed began its previous hiking cycle in early 2022. The Fed cut rates from late 2024 to late 2025, but Mike Reid of RBC Capital Markets said household interest burdens largely moved sideways. The 10-year Treasury yield, which influences mortgage and other consumer-loan rates, was near 5% Tuesday, compared with about 4% at the start of the Iran war in late February and roughly 2% in March 2022. Credit-card APRs have risen from nearly 18% in 2022 to above 22%, while balances increased from about $840 billion in the first quarter of 2022 to $1.26 trillion. Advisers recommend taking inventory of debts, prioritizing high-rate balances and limiting variable-rate borrowing. Balance-transfer cards and personal loans can help some borrowers, but only if they are used to repay debt rather than extend it. Mortgage rates remain largely between 6% and 7%, with the 30-year fixed rate at 7.17% Monday. Higher rates may also create negotiating opportunities for buyers in markets with more sellers than buyers. Savers could find improved returns on high-yield savings accounts and CDs, although inflation reduces their real yield; advisers say paying down credit-card debt should generally come first.