(Image credit: JIM WATSON/AFP via Getty Images) The Federal Reserve kept the federal funds rate unchanged after this week's meeting, a pause driven in part by worries that rising oil prices will fuel higher inflation. The concern over elevated inflation risks, stemming from higher oil costs, suggests that long-term interest rates will likely remain high, as noted by David Payne of the Kiplinger Letter . The war in Iran created a 20% spike in fuel prices in March. This increase will raise the cost of everyday goods. For consumers, the Fed's decision has mixed impacts. While it helps savers by keeping annual percentage yields (APYs) higher on savings accounts, it poses a challenge for those carrying debt or needing to borrow for upcoming purchases. I'll explain how this policy can increase borrowing costs, as well as ways to borrow money and avoid higher rates. From just $107.88 $24.99 for Kiplinger Personal Finance Become a smarter, better informed investor.…