Will credit card interest rates drop after this week's Fed meeting?

Borrowers hoping for immediate relief from high credit card rates may want to temper their expectations. Andriy Onufriyenko/Getty Images After years of elevated borrowing costs, most borrowers have become accustomed to seeing credit card interest rates remain stubbornly high . Case in point? Right now, credit card rates are averaging close to 22%, and many cardholders are carrying revolving balances at even higher rates. But that doesn't mean borrowers have stopped looking for relief from today's high credit card costs, particularly if they're carrying balances from month to month while allowing the interest charges to compound. That's one reason why borrowers are watching this week's Federal Reserve meeting so closely. They're hoping the Fed will finally slash its benchmark rate after months of holding it steady. The central bank's rate decisions can impact everything from mortgage rates to savings accounts, after all, and a rate cut would likely have a positive impact on numerous borrowing options. That could provide some much-needed relief from high borrowing costs at a time when many households are already stretched thin. The backdrop for this meeting is unusually complex, though. Inflation has climbed to 4.2% , overseas conflicts and geopolitical tensions continue to create economic uncertainty and other unusual economic issues are looming. …