Finally, the Federal Reserve looks poised to lower rates at its next FOMC meeting in September.
Cue sighs of relief from credit card users across the country plagued by rising debt balances. Through the current high rate environment — the target federal funds rate sits at 5.25%-5.50%, a more than 20-year high — the cost of their credit card debt has only grown.
But the Fed’s decisions alone may not offer the relief you’re looking for. After all, plenty of factors influence your credit card’s interest rate. Even if the Fed lowers federal interest rates, you shouldn’t wait to begin paying down debt.
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