Although the Federal Reserve's interest rate cut earlier in September was a positive development for borrowers, it's unlikely to offer much immediate relief for credit card users. 

The average American has around $8,000 in credit card debt right now, and the average credit card interest rate is quickly approaching a staggering 23% at the same time. Combined, this makes for a potent combination of high-interest debt that will be difficult to pay off in a timely fashion. 

Fortunately, multiple debt relief companies can help borrowers. They can do so with debt consolidation loans, debt management programs and even credit card debt forgiveness for those who may be eligible. To help make these options more effective, however, credit card users will need to take some steps to alleviate their existing debt. And that extends to knowing which credit card debt mistakes to avoid heading into the new month. Below, we'll break down three of them.

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3 big credit card debt mistakes to avoid this October

Don't let your existing credit card debt grow much further. Instead, avoid making these simple but easy-to-make mistakes this October:

Waiting for interest rates to fall further

There's no telling when interest rates will fall, exactly. But even if you could determine it with exact precision, it doesn't mean that those adjustments will make a material difference in what you owe on your credit cards. With a credit card interest rate of 23%, for example, a half of a percentage point reduction isn't likely to do much (and that's assuming that credit card rates fall directly in tandem with Fed actions, which they don't). 

Instead, rate reductions will come at a measured, gradual pace, which won't offer the immediate relief those drowning in credit card debt need most right now. So be proactive and don't wait for rates to decline further.

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Making minimum payments only

Minimum monthly credit card payments will provide (barely) minimum relief. For example, if you have $8,000 in credit card debt with that average 23% rate it will take you 27 years and nearly $15,000 in interest to pay down your debt if you make just the minimum $233.33 payment every four weeks. So stop making them and aim to make a more substantive payment each month, instead. 

This is easier said than done. But if you made a payment of $466 instead – doubling your minimum – you'd pay off your debt in just 20 months and only pay $1,794.84 in interest. That's approximately 25 years back to you and over $13,000 in saved interest costs. So it could be worth the financial sacrifice if you can find a way to do so.

Thinking you can do it on your own

As the above figures demonstrate, you may simply already be in too much debt to take a DIY approach. So don't force it. Take a realistic look at what you owe and what you can realistically afford to pay. If you can only make those minimum payments, then, it may be time to bring in an experienced debt relief servicer who can help. 

With options ranging from debt management to bankruptcy for more severe cases, there's likely an effective recourse for your financial situation. Thinking you can do it all on your own, however, could be a costly (and time consuming) mistake. 

The bottom line

Credit card debt can be debilitating for both your financial and mental health. And it can be compounded by making mistakes like waiting for interest rate reduction help, making minimum payments only and taking a personal approach to a problem that requires professional assistance. So don't make these mistakes in October. Consult with a debt relief professional who can advise you on the best path to take in the new month and get working toward true relief from credit card debt now.

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