The U.S. Federal Reserve is expected to announce it will leave rates unchanged at the end of its two-day meeting next week, even though the central bank's preferred inflation indicator remains well above the 2% target rate.

Late last month, Fed Chair Jerome Powell said "inflation is still too high," raising expectations that another rate hike may not be completely off the table this year.

The Fed has already raised interest rates 11 times since last year — the fastest pace of tightening since the early 1980s — however, the consensus among economists and central bankers is that interest rates will stay higher for longer. For consumers, that means there will be no relief from sky-high borrowing costs.

Most credit cards come with a variable rate, which has a direct connection to the Fed's benchmark rate. After the previous rate hikes, the average credit card rate is now more than 20% — an all-time high. Further, with most people feeling strained by higher prices, balances are higher and more cardholders are carrying debt from month to month.