What will happen to credit card rates if the Fed cuts rates again this month?

Another Fed rate cut will help ease some costs, but it may not have a big impact on your credit card rates. Pla2na/Getty Images

In today's borrowing landscape, credit card users are facing some very steep interest rates . The average rate on credit card accounts assessed interest recently climbed above 22% , for example, and while that may seem steep, many cards carry much higher rates, especially for borrowers with credit issues. Those elevated short-term borrowing costs have made it increasingly expensive to carry a revolving balance, especially as the interest compounds .

The good news is, though, that while rates on credit cards remain high, it appears that the overall rate environment is shifting. While inflation remains above the Fed's 2% target, it has cooled drastic