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 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.

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

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,