What higher interest rates mean for consumers

Why do interest rates matter, and what would a rate increase mean for the typical family?

Even when we see higher interest rates, responsible borrowers still will probably have easy access to loans and rock-bottom rates, said Louis Navellier, chairman of money management firm Navellier & Associates in Reno. Banks will likely demand higher interest payments from less-qualified consumers, he said, but still court good customers aggressively.

"Technically, a rate increase will widen the wealth gap a bit," Navellier said, as lower-income families see more of their budget dedicated to interest payments for auto loans and credit card debt. This is particularly true, he adds, for variable-rate debts, such as adjustable-rate mortgages, which tend to be attractive to less-affluent borrowers because of lower initial payments.

Liftoff! Fed raises rates for first time since '06

However, given the "immense political pressure" around the issue of stagnant wages and income inequality, he adds, it's highly unlikely policymakers will allow any significant increase in rates and borrowing costs over the coming months.

Similarly, it's also worth remembering that while lower interest payments are always a plus, we shouldn't expect a big change in borrowing habits after a rate increase, said Whitney Fite, president of Atlanta-based Angel Oak Home Loans.

Even with a modest bump in the coming months, Fite said, auto and home loans will remain very accessible.

"From a consumer standpoint, even after a potential rate hike, rates will remain at historically low levels," he said. "Borrowers need to realize that mortgage rates moving from the 3s to 4s is not the end of the world, and that the affordability index remains very high."

As for savers, it's tempting to think that any Fed action to increase interest rates would mean a better rate of return for your nest egg at your local bank. But that may not actually come to pass, said Greg McBride, chief financial analyst at consumer finance portal Bankrate.com

"We're starting at such a low level on interest rates that they have to rise quite a ways until we get back to those days of 3% to 4% on CDs," McBride said. On top of that, most banks "are flush with deposits" and don't have to aggressively court consumers with higher rates.

Besides, he adds, banks make money off the difference between deposit rates and lending rates and are incentivized to give a smaller bump to savers even if they can charge borrowers more.

How Fed rate hike affects housing, autos

"Just because the Fed starts to raise interest rates doesn't mean those terms are going to land in savers' laps automatically," McBride said.

So who would get some help, and who would see increased costs under higher rates? Here are some winners and losers:

Winners

Home sellers: Though it's a bit counterintuitive, higher interest rates could actually be good for home sales at the beginning of any period of rate increases. "It may cause a flurry of activity as buyers look to get in a new home before future rate hikes hit," said Whitney Fite, President of Angel Oak Home Loans in Atlanta. In other words, if the cost of borrowing will be higher tomorrow, why not take out that mortgage today and get more bang for your buck?

Home buyers: It's also worth noting that even if a small rate increase happens, mortgage rates are still near "historically low levels," Fite added — so it's not like buyers will be priced out of homeownership overnight. The rate on 30-year, fixed-rate mortgages topped 6.5% before the financial crisis and never dropped below 5.2% for all of the 2000s, for instance, so prospective home buyers shouldn't fret.

Shoppers with good credit: As long as you have a good credit history, you should still expect to see 0% APR promotional deals at your local car dealership or furniture store, said Greg McBride of Bankrate. The terms may vary slightly over time, for instance moving to 0.5% instead of 0% flat or with financing for 12 months instead of 18 months, he adds. But "those with good credit or who shop around, will always get attractive promotional offers," McBride said.

Losers

Savers: In the low interest-rate environment since the Great Recession, banks suffered low margins on loans. To prop up those interest margins, said McBride, banks will likely hike lending rates while leaving rates on CDs and other deposits pretty flat going forward. There may be a few opportunities for consumers willing to shop around, said McBride, but expecting a broad move toward better savings rates simply because of a move by the Fed is "a recipe for disappointment."

Borrowers with variable-rate debt: Naturally, the impact of any move by the Federal Reserve will be most apparent on loans that are pegged to benchmark interest rates. McBride says this is "particularly true for variable-rate debts that have large balances, such as adjustable-rate mortgages, student loans and home equity lines of credit." While you may not see the bills jump dramatically in short order, a steady rise in rates coupled with the long-term nature of these loans will "feel like death by a thousand paper cuts" over time, McBride said.

Mortgage holders who haven't refi'd: A few percentage points in interest can add up big over the long term, said Fite of Angel Oak Home Loans. Many Americans have found this out by refinancing their mortgages to cut down monthly payments. But unfortunately, if you didn't take advantage of super low rates in 2014 or early 2015, your window may have permanently closed to get those more favorable rates from several months ago.

Jeff Reeves is executive editor of InvestorPlace.com and the author of The Frugal Investor's Guide to Finding Great Stocks.