Fed interest rate cuts won't help your credit card debt

Wall Street and Main Street are ready to usher in the fall season with the first interest rate cut since March of 2020, the start of the COVID-19 pandemic, and with this comes the hope of lower borrowing costs. 

While it may lower rates for mortgages, auto and personal loans, those carrying credit card debt are likely to be out of luck. 

"That's where the real advice is. Don't expect the Fed to ride to your rescue", Ted Rossman, Senior Industry Analyst at Bankrate, told FOX Business.