Federal Reserve may increase interest rates throughout 2022

(KYMA, KECY/CNN) - The Federal Reserve said Wednesday it's planning to increase interest rates for student debts, credit cards and loans.

Debt is already one thing Americans are struggling with but an increase will affect citizens even more.

Interest rates are predicted to go up by a quarter of a percent throughout the year and may possibly rise starting in March.

An increase in rates is meant to help the economy and bring prices back to normal, however, rates stayed low during the pandemic for the same reason.

Inflation may cool down for a bit after the increase but the long-term effect remains to be seen, especially with the COVID-19 pandemic still involved.