This is NPR's Life Kit.

I'm Cheryl Corley.

Recently the Federal Reserve raised interest rates by an additional ¾ of a percentage point.

This is the fourth time the Central Bank has raised rates this year.

That means it will be more expensive to borrow money and in some cases to carry large amounts

of debt.

So this episode of Life Kit, what inflation means for your wallet.

To dig into what the changes in the economy mean for you, we have Michelle Singletary

with us.

She's a personal finance columnist for the Washington Post, an author of what to do with

your money when crisis hits a survival guy.

Michelle Singletary?

Thanks for joining us.

Thank you for having me.

Michelle, the Federal Reserve recently raised interest rates by ¾ of a percent.

Can you talk a bit about what that means for everyday Americans?

When the fed raises rates, it impacts your ability to borrow.

So it's going to cost you more to get a mortgage.

It'll cost you more to get an auto loan.

If you have a credit card, it's going to cost you more if you are revolving that debt

from month to month.

So any borrowing cost could impact you when the fed raises that rates, which means that

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