By Paula Ebben

WASHINGTON (CBS) — Wednesday is expected to be an historic day for the U.S. economy as the Federal Reserve is expected to raise interest rates for the first time in a decade.

Here’s what the likely increase of a quarter percent will mean for you.

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If you’re shopping for a car, or carry a balance on your credit cards, you will see an impact. That will add up to roughly $80 more a year for the average credit card holder.

For those with good credit, expect to play about $3 more a month on an auto loan.

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Looking to buy a home? Experts caution now is not the time to panic and rush into buying, but it could be the right time to shop for a good rate and lock it in.

According to Forbes, a quarter percent increase on a $300,000, 30-year mortgage will cost you about $35 more a month, but it will add up to thousands of dollars over the life of your loan.

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And lastly, savers can celebrate a rate hike. You will soon get a higher return on your CDs, money market, savings and checking accounts.

Paula Ebben