The Federal Reserve is expected to hold rates on Wednesday, October 28 — but that saves you nothing on your credit card. With the Fed at 3.75% to 4% and the average card rate at 22.15% for accounts assessed interest, a $10,000 balance costs about $2,215 a year in interest, and a 2% minimum payment puts only about $15 of your $200 toward the balance in the first month. This explainer breaks down why a hold leaves prime at 7% and your card untouched, why the minimum keeps you in debt for decades, why December's expected hike makes it worse, and the five moves to make before December. Follow US Money Guide for daily money tips!
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Educational content, not financial advice.
