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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.
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%.
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)
Credit card balances grew 10% to $6,501 in the 12 months from Q3 2022 to Q3 2023, as higher interest rates sharply increased in 2023. Consumers were by and large still able to service those ...
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 ...
Experian examined nearly 400 U.S. metros to discover where increases for credit cards and monthly payments were greatest over the past 12 months through 2024 Q2.
More than 2 in 5 (44 percent) American credit cardholders carry a credit card balance from month to month, as of January 2024, according to Bankrate’s Chasing Rewards in Debt Survey.
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