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The Consumer Financial Protection Bureau (CFPB) released its new Explore Credit Cards tool this week, intended to allow consumers to compare more than 500 credit cards based on “unbiased ...
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% .
Interest rates vary widely. Some credit card loans are secured by real estate, and can be as low as 6 to 12% in the U.S. (2005). [citation needed] Typical credit cards have interest rates between 7 and 36% in the U.S., depending largely upon the bank's risk evaluation methods and the borrower's credit history.
With average credit card interest rates at an all-time high, snagging a lower rate could help reduce the interest you pay and enable you to get out of debt more quickly.
In fact, the average retail credit card interest rate hit an all-time high in 2024 at 30.45 percent, according to Bankrate’s 2024 Retail Credit Card Survey.
And even if they do lower rates, credit cards will still have high interest rates overall. The current average is 22.76% on credit cards that are assessed interest, according to Federal Reserve data.
The chart for this sample bill also showed that if you double the minimum payment, which in this case would be $341, you could pay the card off in three years and save nearly $5,000 in interest ...
“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.