5 ways to lower your credit card interest rates this September

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September 1, 2026 / 9:32 AM EDT / CBS News

Credit card debt has become particularly expensive to carry over the last few years, and borrowers aren't exactly heading into September with much relief on that front. Credit card balances have been climbing amid today's tough economic climate, with the total credit card debt nationwide increasing by $21 billion during the second quarter of 2026. At the same time, credit card interest rates have also been increasing, making any credit card balance you're carrying even more costly.

Right now, the average rate on credit card accounts that were assessed interest is 22.15%, and millions of borrowers are carrying balances on cards that have much higher rates. With interest rates like those, a significant portion of each monthly credit card payment goes toward the interest charges rather than reducing the balance itself, particularly for those borrowers who are paying only the minimum on their accounts.

In turn, this September is an important time to reassess what you're paying on your credit cards, especially with uncertainty surrounding where borrowing costs go next.

Original source: https://www.cbsnews.com/moneywatch/