The Federal Reserve will decide on interest rates this month. That decision is expected to happen on Wednesday, Sept. 17.

With the Federal Reserve expected to lower interest rates Wednesday, FOX13 has a brief explanation on how they work and what lowering the interest rate does to affect your debt.

The Federal Reserve on Wednesday cut interest rates by 25 basis points and signaled potentially more rate cuts to come this year. The move could spur more

"When we're talking about those expenditures, a good chunk of our spending now is interest on the debt," said Dr. Carolyn Bordeaux.

Credit card debt reached an all-time high of $1.2 trillion by the end of 2024, according to data from the Federal Reserve Bank of New York. On Wednesday, the Federal Reserve announced it was lowering its benchmark interest by a quarter percentage point,

The Federal Reserve faces pressure to cut rates despite persistent inflation and strong GDP growth. Click here to read my full analysis.

Hedge fund founder predicts US faces debt-induced crisis within three years while criticizing Trump's Federal Reserve interference as threat to dollar stability.

The Federal Reserve cut interest rates by a quarter of a percentage point on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year, as policymakers responded to concerns about weakness in the job market in a move that won support from most of President Donald Trump's central bank appointees.