Americans struggling with credit card debt may be relieved to hear that lower interest rates are on the horizon.

But that may not be enough to get consumers out of the red.

On Wednesday, the Federal Reserve stayed on track to lower its benchmark fed funds rate as early as September, which would directly affect most credit card interest rates.

But the cut will likely be small — a quarter-point — with maybe one other possible reduction later this year.

What’s more, any cuts won't do much to dent today's credit card rates — which are currently at a four-decade high.

For folks already in debt, waiting for more rate relief is a fool's game.

"Interest rates are not going to fall fast enough to bail you out of a tough situation," said Greg McBride, chief financial analyst at Bankrate. "You need to find ways to shield yourself from interest rates now."

There are options for consumers who want to take action without help from the Fed.

Consider 0% balance transfer credit card offers or low-interest personal loans to pay down credit card debt faster.

Read more: The best balance transfer credit cards

Nonprofit credit counselors can also help you negotiate lower payments to help you get back on track.

'Households are stretched'

Credit card troubles have been growing among Americans since mid-2021, when pandemic stimulus began running out.

In the fourth quarter of last year, the percentage of accounts with past-due balances hit the highest level in almost 12 years, according to the Federal Reserve Bank of Philadelphia, before easing back in the first three months of 2024 in a typical first quarter decline.

Just as concerning is that credit card holders who are already behind on payments are leaving even larger balances unpaid. The share of credit card balances that are past due has swelled since the second quarter of 2021 and is at 12-year highs.

Read more: The best ways to pay off credit card debt

"Many households are stretched," McBride said. "Households are leaning against credit to bridge the gap between income and expenses."

'Sooner rather than later'

A big reason for the ballooning balances was a rapid run-up in inflation that took hold during the pandemic, especially before wages caught up with rising living costs.

Add to that the surge in credit card rates as the Fed pushed its benchmark rate to a 23-year high, and you've got "a double whammy effect on monthly budgets," McBride said.

So far, the Fed is forecasting nine quarter-point reductions through the end of next year. It would take 15 cuts of the same size to get back to pre-pandemic levels.

To reverse what the central bank has done since 2022 would take 21 quarter-point cuts. To get that kind of drastic action, a recession would probably need to occur, which historically doesn't bode well for consumers and their debt.

"If the job market swoons, all bets are off," said Matt Schulz, chief credit analyst at LendingTree.com.

"Ultimately, people shouldn't expect too much relief soon when it comes to rates. The best thing people with card debt can do now is take matters into their own hands."

'Shouldn't wait for the cavalry'

For those who still have higher credit scores, both McBride and Schulz recommend looking into 0% balance transfer credit card offers or low-interest personal loans to pay down credit card debt faster.

Many balance-transfer cards come with a 0% interest rate for an introductory period — in some cases up to 21 months — on a certain amount rolled over from another credit card. That gives people time to pay down debt without worrying about interest charges piling up.

Personal loans provide a timeline for getting out of debt by requiring people to make installment payments — rather than opting for just the minimum payment on credit cards.

Read more: How to apply for a personal loan

If those options don't cover all of your debt — but you remain up-to-date on your payments — ask your credit card company to lower your interest rate on your remaining balance.

"It works more often than people imagine," Schulz said.

If you're already behind on your credit card bills, contact a nonprofit credit counselor.

The National Foundation for Credit Counseling can steer you to someone trustworthy and local. A counselor will work with your credit card company to get lower payments to help you get back on track.

"People shouldn't wait for the cavalry to arrive," Schulz said. "There are things they can do to help themselves in the short term."

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Janna Herron is a Senior Columnist at Yahoo Finance. Follow her on X @JannaHerron.

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