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