4 steps to take before Fed raises interest rates

CHICAGO (WLS) -- Interest rates affect your finances in several ways.

Craig Bolanos is a financial expert with Wealth Management Group. He joined ABC7 Thursday morning with four things you need to do before the Fed raises interest rates.

RELATED: Federal Reserve plans to raise rates as soon as March to cool inflation

Step 1: First, you say refinance your home.

Step 2. Refinance your private student loans.

Step 3: Pay down your credit card

Step 4: Improve your credit score

Bolanos also explained how raising the interest rates can help reduce inflation.