For those trying to keep tabs on their bank balances, December has brought a flurry of changes. Earlier in the month, the Federal Reserve raised the funds rate by 25 basis points, its fifth increase since December 2015, which impacts some of the terms by which you borrow money and access credit. And, of course, there's the more recent passage of the tax bill, which will have an effect on what you pay and hopefully get back from Uncle Sam. If you are trying to catch up — and ultimately get ahead — Greg McBride, chief financial analyst at Bankrate.com, offers these tips on how to handle rising interest rates and the coming tax changes:

A merchant slides a credit card for a transaction. David Paul Morris | Bloomberg | Getty Images

In the near term, higher interest rates will have an immediate effect on consumers with credit card debt, home equity lines of credit and those carrying adjustable rate mortgages. Because most credit cards have a variable rate directly tied to the Fed's benchmark rate, that quarter-point increase will show up as soon as the next billing cycle, McBride said. "By the time that statement comes in January — Happy New Year — your interest rate is now higher." To hit back, "be aggressive about transferring that debt to a zero-percent offer," he said, and pay down your high-interest debt once and for all. "The best defense is a good offense," McBride said. If you have an adjustable-rate mortgage, consider refinancing. "With fixed rates still near the 4 percent mark, there's no sense in holding on to an adjustable rate," he said. The same goes for homeowners with adjustable-rate home equity lines of credit, which are pegged to the prime rate. Unlike an adjustable-rate mortgage, these often reset immediately. They also generally can be converted into a fixed-rate loan. (Under the new tax legislation, you can no longer write off the interest paid on a home-equity loan or line of credit.)