11/28/2023 0 Comments High card flush payout"Basically, for every person who's using credit cards for convenience and to earn cash back and travel rewards without paying interest, there's someone else who's carrying a very expensive balance," said Ted Rossman, Bankrate's senior industry analyst. The average annual percentage rate is now more than 20% - also an all-time high.Īt more than 20%, if you made minimum payments toward this average credit card balance, it would take you more than 17 years to pay off the debt and cost you more than $9,063 in interest, Bankrate calculated. More from Personal Finance: 62% of Americans live paycheck to paycheck Why working longer is a bad retirement plan Credit scores hit all-time high even as overall debt rises Since most credit cards have a variable rate, there's a direct connection to the Fed's benchmark. As the federal funds rate rose, the prime rate did, as well, and credit card rates followed suit. Personal Loans for 670 Credit Score or LowerĬredit card rates spiked more than 5% with the Federal Reserve's recent string of 11 rate hikes, including four in 2023. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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