A 401(k) loan and debt relief solve the same problem through very different means, and at very different costs. / Credit: Getty Images/iStockphoto
Credit card interest rates haven’t budged much recently, and that’s hardly an oversight on the part of credit card issuers. When the Federal Reserve started hiking its benchmark rate in early 2022 to combat inflation, credit card rates went up in tandem, and at one point even hit a new record-high. But as the rate environment has eased, particularly over the last year, some borrowing rates have declined, but card rates have remained stuck at above 21% on average instead. That has left credit card balances accruing interest at very high rates, and the minimum payments are now barely making a…