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“The average credit card rate is over 20% and with the Fed hitting the pause button on rate cuts, that rate isn’t going to come down much in the months ahead,” McBride told Fortune.
The jump in average credit card rates to 20.72% today from 16.16% two years ago is almost fully attributable to the Fed's rate hikes to tamp down on inflation, Rossman said. Keeping credit ...
In fact, the largest 30 credit card companies account for a staggering 95% of the country's credit card debt, with the top 10 dominating the marketplace, according to the CFPB.
U.S. consumer debt snapshot. Average loan balances grew for most types of consumer debt in 2023. Credit cards—the debt products with the highest average interest rates for consumers—grew the most.
Key credit card interest rate insights. Highest average credit card interest rate in 2024: 20.79 percent (Aug. 24, 2024) Lowest average credit card interest rate in 2024: 20.27 percent (Dec. 31, 2024)
It follows that credit card rates spiked along with the Fed’s string of 11 rate hikes starting in March 2022. The average annual percentage rate rose from 16.34% at that time to more than 20% ...
Interest rates are falling for borrowers. Read on to find out where credit card rates could be by the time 2025 rolls around. Prediction: Here's Where Credit Card Interest Rates Will Be in 2025
Bankrate also found that several retailers were still charging rates in line with general credit cards: Costco Anywhere Visa by Citi (20.49%), Bass Pro Shops CLUB (21.12%), IKEA Projekt (21.99% ...