{"id":31757,"date":"2025-06-10T20:02:56","date_gmt":"2025-06-10T20:02:56","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/3-things-to-know-about-credit-card-interest-rates-right-now\/"},"modified":"2025-06-10T20:02:56","modified_gmt":"2025-06-10T20:02:56","slug":"3-things-to-know-about-credit-card-interest-rates-right-now","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/3-things-to-know-about-credit-card-interest-rates-right-now\/","title":{"rendered":"3 things to know about credit card interest rates right now"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<figure class=\"embed embed--type-image is-image embed--float-none embed--size-medium\">\n<p>      <span class=\"img embed__content\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/06\/10\/73e0e3e8-b780-4150-bbb3-19b9cb05553d\/thumbnail\/620x465\/55bce97051282bc982978937493696fc\/gettyimages-1217429719.jpg?v=a350f62d7108cd6ffb91e3c662a46159#\" alt=\"gettyimages-1217429719.jpg \" height=\"465\" width=\"620\" class=\" lazyload\" srcset=\"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/06\/10\/73e0e3e8-b780-4150-bbb3-19b9cb05553d\/thumbnail\/620x465\/55bce97051282bc982978937493696fc\/gettyimages-1217429719.jpg?v=a350f62d7108cd6ffb91e3c662a46159 1x, https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/06\/10\/73e0e3e8-b780-4150-bbb3-19b9cb05553d\/thumbnail\/1240x930\/01fd9433cc9a8abc0cb219001cf09662\/gettyimages-1217429719.jpg?v=a350f62d7108cd6ffb91e3c662a46159 2x\" loading=\"lazy\"\/><\/span><figcaption class=\"embed__caption-container\">\n<p>                  <span class=\"embed__caption\">Elevated credit card interest rates have caused card balances to surge in recent years.<\/span><\/p>\n<p>                  <span class=\"embed__credit\"><\/p>\n<p>                Getty Images<\/p>\n<p>                          <\/span><br \/>\n              <\/figcaption><\/figure>\n<p>When <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-credit-card-rates-are-so-high-now-what-to-do-about-it\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card interest rates<\/a><\/span> are low, it can make paying your credit card bill each month relatively easy and affordable. Even by just paying <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-are-credit-card-minimum-payments-calculated\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">minimum payments<\/a><\/span> or slightly more than that, with a low credit card interest rate, your credit card debt doesn&#8217;t necessarily need to become a major financial burden.\u00a0<\/p>\n<p>Unfortunately, in the interest rate climate of recent years, this hasn&#8217;t been the case. Credit card interest rates surged to a record high toward the end of 2024 and, combined with issues like <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/cpi-report-today-april-2025-inflation-trump-tariffs\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">inflation<\/a><\/span>, an overall elevated <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/fed-meeting-decision-today-fomc-interest-rates-may-2025\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">interest rate<\/a><\/span> climate and broader <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/amid-stock-market-uncertainty-ways-to-protect-your-money-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">economic uncertainty<\/a><\/span>, credit card users soon found themselves in a hole that&#8217;s been difficult to dig out of.\u00a0<\/p>\n<p>Now, with the <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/heres-how-much-credit-card-debt-the-average-american-has-and-how-to-pay-it-off\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">average credit card debt<\/a><\/span> around $8,000, many find themselves wondering about their next moves and, more importantly, if they should reach out for professional debt relief help. To better determine next steps, it may help to take a step back. There are some timely items about credit card interest rates, specifically, that can better inform the next steps for cardholders. Below, we&#8217;ll examine three things to know right now.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fthings-to-know-about-credit-card-interest-rates-right-now\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">Review your credit card debt relief options online today<\/a>.<\/p>\n<h2><strong>3 things to know about credit card interest rates right now<\/strong><\/h2>\n<p>Here are three timely things to know about credit card interest rates:<\/p>\n<h3><strong>Credit card interest rates are down \u2013 slightly<\/strong><\/h3>\n<p>Sure, they&#8217;re down from a record high, but a decline in credit card interest rates is still a positive development, even if the decline is not as steep as many had hoped for. Last November, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/credit-card-interest-rates-surging-how-to-lower-yours-now\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card interest rates surged<\/a><\/span> to a record 23.37% (compare that to the 16.43% they were at in August 2020). Now, however, they&#8217;re down two full percentage points. <a href=\"https:\/\/fred.stlouisfed.org\/series\/TERMCBCCALLNS\" target=\"_blank\" rel=\"nofollow noopener\">At 21.37%<\/a>, current rates aren&#8217;t exactly cheap for credit card users, but they&#8217;re at least moving in the right direction.\u00a0<\/p>\n<p>This should, in theory, make your existing credit card debt slightly less expensive to maintain and it could allow you to make a bigger dent in what you owe if you continue to make your payments as you were at the higher rate. Still, with double-digit rates making it difficult to reduce what you owe in a meaningful way and a decline in average rates not nearly potent enough to cut your debt independently, it may be time to review your credit card debt relief options as an alternative.<\/p>\n<p><a href=\"https:\/\/secure.money.com\/pr\/a68c45e313e3?s1=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Fthings-to-know-about-credit-card-interest-rates-right-now\" target=\"_blank\" rel=\"nofollow, sponsored, noopener\">See what debt relief option makes the most sense for your situation here<\/a>.<\/p>\n<h3><strong>They could continue to decline later this year<\/strong><\/h3>\n<p>It wouldn&#8217;t be unusual for credit card interest rates to continue to decline this year. While the Federal Reserve isn&#8217;t expected to cut rates at its June meeting, it&#8217;s possible when the central bank meets again in July and likely when it meets again in September. If that happens, rates on credit cards may decline further and that drop could happen preemptively, before any Fed rate-cutting action, if credit card companies foresee rate cuts as imminent. Declining inflation figures and steady unemployment data could also combine to spark further reductions in credit card rates, though it&#8217;s important to note that these are likely to be gradual and in minimal increments, at least through the end of 2025.<\/p>\n<h3><strong>Waiting for significant rate relief isn&#8217;t worth it<\/strong><\/h3>\n<p>Gradual and minimal increment rate declines, even if they&#8217;re generally a positive development, are likely <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/why-borrowers-shouldnt-wait-for-rate-cuts-to-fix-their-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">not worth waiting for<\/a><\/span> when cardholders already have thousands worth of debt. Keep this in mind both now and in the weeks and months ahead as it may be tempting to wait for the credit card interest rate climate to stabilize instead of taking action to reduce what you already owe. But that could be a costly misstep.\u00a0<\/p>\n<p>With the reality of <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/how-are-credit-card-interest-charges-compounded\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">compounding interest<\/a><\/span> making a once manageable debt load expensive now and the likelihood of rate reductions having a muted impact on what you already owe, waiting for significant rate relief isn&#8217;t likely worth it. This is especially so when considering viable alternatives like <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-credit-card-debt-forgiveness\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit card debt forgiveness<\/a><\/span>, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-is-a-debt-management-program\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt management programs<\/a><\/span>, <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/what-credit-counseling-can-and-cant-do-to-help-with-your-debt\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">credit counseling<\/a><\/span> and even <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/balance-transfer-credit-cards-save-money\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">balance transfer credit cards<\/a><\/span> and <span class=\"link\"><a href=\"https:\/\/www.cbsnews.com\/news\/debt-consolidation-loans\/\" target=\"_blank\" data-invalid-url-rewritten-http=\"\">debt consolidation loans<\/a><\/span> that will allow you to better focus on what you owe without the distraction (and cost) of high interest rates to contend with at the same time. In other words, hope that interest rate relief will present itself, but have a back-up plan in place to sort through your existing debt obligations.<\/p>\n<h2><strong>The bottom line<\/strong><\/h2>\n<p>The credit card interest rate climate is not as poor as it was six months ago but it&#8217;s not nearly as low as most cardholders need it to be either. Against this reality, and the potential for rates to continue to fall in small but gradual increments, many borrowers could benefit from exploring their credit card debt relief options. With a variety of options to choose from, there&#8217;s likely a relief technique suited well for your unique circumstances, giving you the opportunity to reduce what you owe once and for all.<\/p>\n<p>    <!-- tags --><\/p>\n<div class=\"content-author\">\n      <a href=\"https:\/\/www.cbsnews.com\/team\/matt-richardson\/\" class=\"content-author__name\" data-invalid-url-rewritten-http=\"\">Matt  Richardson<\/a><\/p>\n<div class=\"content-author__bio\">\n<div class=\"content-author__full-information\">\n<p class=\"content-author__text\">Matt Richardson is the senior managing editor for the Managing Your Money section for CBSNews.com. He writes and edits content about personal finance ranging from savings to investing to insurance.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/things-to-know-about-credit-card-interest-rates-right-now\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Elevated credit card interest rates have caused card balances to surge in recent years. Getty Images When credit card interest<\/p>\n","protected":false},"author":1,"featured_media":31758,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[],"class_list":["post-31757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-stories"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3 things to know about credit card interest rates right now - World News<\/title>\n<meta name=\"description\" content=\"Credit card interest rates have a major impact on debt balances. 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