"Interest rates took the elevator going up in 2022 and 2023 but are taking the stairs coming down," said Greg McBride, chief financial analyst at Bankrate.com.
Although many people, overall, are feeling better about their financial situation heading into the new year, nearly 9 in 10 Americans think inflation is still a problem, and 44% think the Fed has done a bad job getting it under control, according to a recent survey by WalletHub.
In the meantime, high interest rates have affected all sorts of consumer borrowing costs, from auto loans to credit cards. December's 0.25 percentage point cut will lower the Fed's overnight borrowing rate to a range of between 4.25% and 4.50%.
The Fed's moves still affect the borrowing and savings rates consumers see every day. From credit cards and mortgage rates to auto loans and savings accounts, here's a look at how the Fed rate cut could affect your finances in the year ahead.
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