Credit card interest rates keep climbing. Here's what consumers need to know and what they can do about it

It's an especially expensive time for people with credit card debt, and the pain will likely only worsenInterest charges on credit cards tend to move with the Fed's benchmark rate. The current national average rate on plastic is already"Many people we speak with are feeling squeezed," said LaDonna Cook, a manager art GreenPath Financial Wellness, a national non-profit debt counselor.

Here's what consumers need to know about the rising rates on their cards — and what they can do about it.In an effort to combat inflation. the Federal Reserve has already raised its rate"Rates jumped more in 2022 than any other year on record," said Ted Rossman, senior industry analyst at Bankrate. He added that "rates will probably go slightly higher from here."

If there's another hike this week from the central bank, consumers can expect to see their credit card rate inch up "within a month or two," Rossman said.

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