Can you lower your credit card interest rate without hurting your credit score?

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September 10, 2026 / 11:05 AM EDT / CBS News

Carrying a credit card balance has rarely been cheap, but those borrowing costs are even higher than normal right now, meaning a lot of borrowers are dealing with hefty interest charges on their revolving balances. Case in point? The average credit card interest rate is now 22.15%, and millions of borrowers are carrying credit card debt with rates that are much higher than the average. As a result, credit card debt that once felt manageable can become increasingly difficult to handle from one month to the next.

And while borrowers may be hoping for a reprieve, there isn't much certainty about where borrowing costs go from here. The Federal Reserve's next meeting is scheduled for September 15 and 16, and policymakers are weighing lingering inflation pressures and other hurdles as they determine their next rate move. One thing is for certain, though: The Fed is unlikely to lower its benchmark rate in September, and the central bank could even increase it to counter inflation. If that happens, it could drive…

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