PHOENIX - Borrowing money just got more expensive.

The Federal Reserve decided to raise interest rates.Here's what that means for you:

• Fixed-rate mortgages won't go up much. They jumped last week in anticipation of yesterday's move. The increase means about $8 more a month on a $200,000 loan.

• Adjustable-rate mortgages are modified once a year. Depending on when that happens, you could have three rate hikes in there. That means $84 more a month on a $200,000 loan.

• A $25,000 car loan goes up about $9 more a month, over five-years. And people with credit card debt will feel this increase first. The average rate now is a little over 16 percent. The quarter-percent hike will be on your bill in a few weeks.