Federal Reserve to begin raising interest rates Wednesday

The Federal Reserve is expected to start raising interest rates Wednesday by a quarter point as part of a high priority effort to tame the 40-year high inflation rate facing the United States. Financial advisors say now is the time to pay off credit cards before the rates go higher, if you have an adjustable rate private student loan, equity line or mortgage convert them to fixed-rate loans and new home buyers should lock down a loan rate fast. NBC’s Tom Costello reports for TODAY.