Americans are facing quite the costs when it comes to credit cards. According to Bankrate, the average credit card interest rate reached 21.5% in May.

Interest rates are falling for borrowers. Read on to find out where credit card rates could be by the time 2025 rolls around.

Credit card debt is a growing issue nationwide — with the total amount of card debt in the U.S. recently surpassing $1.14 trillion, a record high. While there are numerous factors driving the trend, inflation has been one of the more impactful.

The current median interest rate is 6.49% for a 30-year fixed-rate mortgage and 5.63% for a 15-year fixed-rate mortgage.

These are today's mortgage and refinance rates. Mortgage rates have increased in recent days in response to September's blockbuster jobs report.

The rate ticked up from 6.08% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.49%. Last week, the average rate slipped to its lowest level in two years, boosting home shoppers’ purchasing power as they navigate a housing market with prices near all-time highs.

The Federal Reserve recently cut rates for the first time in more than four years. But this could be just the beginning. Find out what you need to know.

Mark Cabana, BofA global research head of US rates strategy, says the Federal Reserve will deliver a string of 25 basis point interest rate cuts through March of next year. Cabana also says a 10-year yield in the 4% to 4.

Many are more optimistic and open to new projects because their own costs are easing and they expect consumers to be more willing to spend.