Although the Federal Reserve hasn't moved its benchmark since December, the average card rate keeps edging higher.

Nearly half of American households have credit card debt and pay more than 20% in interest on their revolving balances. Even when the Federal Reserve cuts rates, those high APRs don't fall much.

Most credit cards have variable rates with direct connections to the Federal Reserve’s benchmark. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.

Evan Coleman is an Updates Editor on the Credit Cards and Travel Rewards team at Forbes Advisor, showcasing his interest in personal finance and love of travel. He has written for a variety of local ...

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