Fed hike or no Fed hike, your credit card debt is expensive. Here's how to pay it off.

The cost of everything keeps creeping up. And if you happen to have credit card debt, that's about to get a bit more expensive too, thanks to a series of interest rate increases beginning this month.

With inflation at its highest rate since the early 1980s, the Federal Reserve is adjusting interest rates to hopefully restabilize the U.S. economy. In short, the Fed changes the federal funds rate, which alters the prime rate — that's the rate banks charge customers with high credit ratings. Credit card issuers add onto the prime rate to set their interest rates, so when the prime rate goes up, so does what you'll pay when you're in debt.

Got all that? Great. Now forget what you just read and pay attention to this part: If you have significant credit card debt, it doesn't really matter what the Fed is doing. Your credit card debt has always been, and will continue to be, expensive.