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Unfortunately, it’s far too common for Americans to carry high-interest credit card debt, which has an average interest rate of 21.76%, according to the Federal Reserve Bank of St. Louis.
Collectively, New York holds the most credit card debt at just under $50 billion total. West Virginia, Arkansas, and Mississippi sit at the bottom, with Mississippi having the lowest average ...
Based on the latest expectations for Fed rate cuts, I'd predict that the average credit card interest rate of 22.76% will fall to 21.76% by the end of 2024 and to 20.26% by the end of 2025.
In late 2021, the average interest rate for a credit card was about 14.51%. By 2024, it was over 21%—and many Americans find themselves with cards charging as high as 30% .
In May 2022, right after the Federal Reserve began raising its benchmark rate, the average interest rate on credit card accounts assessed interest (as opposed to those with an intro 0% APR) was 16 ...
Interest rates are falling for borrowers. Read on to find out where credit card rates could be by the time 2025 rolls around. Interest rates are falling for borrowers. Read on to find out where ...
The Fed cut its benchmark short-term interest rate, the federal funds rate, by a full point in 2024 and the average credit card rate has only dropped from 20.74 percent at the start of 2024 to 20. ...
Americans were hit with $105 billion in credit card interest last year alone, according to the CFPB’s biennial consumer credit card report. That includes $30.5 billion in the fourth quarter, the ...
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