If they have a variable-rate credit card that has a balance on it, they might want to start paying it down to reduce their interest costs (a good idea in any case).
If they have an ARM for their house they might want to look at what the lifetime interest rate cap is on the loan. Add that to the margin rate to find out what the payment could potentially go to. If they're not comfortable with those numbers, they might want to refinance now into a fixed-rate loan, or see how long they plan to be in the house.
There will be hidden changes as well, as businesses will be paying more for operating loans, and this increase will be passed onto their customers. So food, entertainment, etc. costs will all go up.
In short, pretty much everything you could buy just got a little more expensive.
If they have an ARM for their house they might want to look at what the lifetime interest rate cap is on the loan. Add that to the margin rate to find out what the payment could potentially go to. If they're not comfortable with those numbers, they might want to refinance now into a fixed-rate loan, or see how long they plan to be in the house.
There will be hidden changes as well, as businesses will be paying more for operating loans, and this increase will be passed onto their customers. So food, entertainment, etc. costs will all go up.
In short, pretty much everything you could buy just got a little more expensive.