What will YOU do if interests rates go up. Way up?

One of the threats that loom over the current budget debate is the possibility that Moody’s will lower the US bond rate below AAA.
That means that interest rates will go up, since lenders will not be as comfortable with investing in the US. That means all interests rates will go up-credit cards, ARMs, plus the Federal budget since the increased interest liability becomes part of the budget. How will that affect you?