Here's what the Fed's interest rate hike means for your wallet and inflation

The Fed interest rate only went up by 0.5%. Experts say that means the last several interest rate hikes may be working to ease inflation.

After the Fed raised interest rates for the seventh time this year on Wednesday, our I-Team is finding out what it all means for you.

"We are seeing an increase of delinquency where consumers have a hard time paying their bills and missing some payments," said Michele Raneri, a vice president and head of research and consulting at the credit reporting agency TransUnion. "For most people the interest rate hike probably means that their credit card amounts will go up, and so, if you carry a balance, then your monthly payment probably will go up also, and if you're looking for other new loans, those interest rates will be higher," Raneri said."For home loans, I know that it's getting 6.6 to 7%, maybe a little bit more than that," Raneri said.

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