Overview

• VantageScore reports the average balance rose to $6,500 in August 2025, up $96 year over year and $67 from July, with utilization exceeding 30%.
• Average card APRs now top about 21% and compound daily, increasing the cost of carrying balances as total U.S. card debt is reported near $1.21 trillion.
• CBS News notes that a recent Federal Reserve rate cut is unlikely to translate into meaningful near‑term reductions in credit card rates.
• Borrowers with solid credit can consider 0% balance‑transfer periods and fixed‑rate consolidation loans to lower interest and speed repayment.
• Nonprofit credit counseling agencies offer debt management plans that consolidate payments and reduce rates over three to five years, though initial credit score dips and upfront‑fee scams are key considerations; the NFCC lists accredited providers.