1. In the United States, the FOMC makes announcements throughout the year which include information about how the Fed raises rates. It will pay off to research, read, and act upon these announcements.
2. Consumers should take time to look for better rates on savings. Very often, the smaller financial institutions raise rates more quickly than larger banks.
3. Paying off credit card debt is a smart move in case rates are raised even more.
4. Online banks have been known to offer great competitive rates since their operating costs are lower.
5. Financing purchases like furniture or cars sooner rather than later has proven to be helpful. Interest on loans for these kinds of items are normally predicted to go up over time.