If you want to finance a big purchase like a car or wedding in 2024, don't expect to get much of a break on interest rates. Instead, focus on paying down high-interest debt, especially credit cards, if you can. Since the Fed started raising interest rates in March 2020, the average interest rate for credit cards has climbed from 16% to nearly 21%, according to Bankrate data. This could include credit cards, but also mortgages, student loans, home equity lines of credit and personal loans. For instance, the monthly payment for a $400,000 mortgage would increase by about $500 if the interest rate were to increase from 5% to 7%.

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Persons: Eric Croak, Barry Glassman Organizations: Fed, Federal, Croak, CNBC