Credit card debt forgiveness and Fed rate cuts: What borrowers should consider this fall

Credit card debt forgiveness can effectively eliminate a sizable portion of your debt balance. Rob Hyrons/roberthyrons/Getty Images

Interest rate cuts are looming again.

After the Federal Reserve resumed the rate-cut campaign it started in 2024 in September, other cuts now seem likely for the central bank's next meetings in October and December. That will potentially offer real relief for homebuyers, homeowners looking to refinance and homeowners looking to borrow from their home equity.

But what about credit card users?

With credit card interest rates hovering around a record high, any relief here will be welcome. But will the Fed rate cuts be translated into real, tangible relief for borrowers? And, against this backdrop, are they better served by exploring their debt relief