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.

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

Federal Reserve’s September 17 rate decision is shaping up to be the most consequential of 2025. The probability of this cut is about 96%, with only a small chance of a larger 0.5% cut. With inflation still above target but job market data showing signs of weakness,

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,

Euro zone government bond yields rose as significant policy decisions from the Federal Reserve and the Bank of England emerged, alongside Germany's increased debt issuance plans. This led to steepening curves in major debt markets,