Warns Consumers to Cut Back on Debt Quickly in 2016, a leading online authority regarding consumer finance, urged all Americans to immediately reduce their dependence on credit cards, personal loans, and other forms of debt. With the Federal Reserve having just raised its overnight lending rate for the first time in years and signaling more hikes to come, consumer credit that varies with such interest rate benchmarks has already become more expensive and will only continue to climb in cost. Consumers who pay down their debts or quickly take advantage of opportunities like the debt consolidation options detailed at will benefit greatly, avoiding what are sure to be higher interest rates to come.