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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.
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% .
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 ...
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 ...
The average credit card interest rate stands at 20.35%, just slightly below a record-high of 20.79% attained in August before the Fed began cutting rates, Bankrate data showed.
For the average credit card interest rate, Bankrate used 20.74 percent, the national average it measured on more than 100 popular cards offered by the 50 largest U.S. credit card issuers as of ...
The average credit card balance among U.S. consumers was $6,501 as of the third quarter in 2023, 10% higher than the previous year, according to credit agency Experian.
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