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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. ...
Prediction: Here's Where Credit Card Interest Rates Will Be in 2025 ... This means the average credit card interest rate could slide to about 21.7% by the end of this year and fall to about 20.7% ...
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 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 ...
Consider this example: If you only make minimum payments toward $6,360 in credit card debt at an annual rate of 20.75%, you'd be in debt for 218 months — or a bit more than 18 years — and will ...
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