The Fed has spoken. Now you need to look at your interest rate policy too

We need to brace ourselves for at least four more interest hikes next year and more opportunities for lenders to make all forms of consumer debt more costly

The Fed has spoken. For the first time in nearly a decade, policymakers this week boosted key short-term interest rates. Now that the deal is done it is time for you to start looking at your interest rate policy too.

Banks, having read the signals, were quick to respond. Within hours, Wells Fargo became the first in a steady parade of financial institutions to boost their own prime lending rates, with those increases taking effect Thursday. The best customers at banks like JPMorgan Chase, KeyCorp, SunTrust, PNC, Citibank, Wells Fargo and many others now will pay a base rate of 3.5% for their consumer loans, instead of the 3.25% that has been in effect for the past seven years.