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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. Prediction: Here's Where Credit Card Interest Rates Will Be in 2025
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. ...
Amid surging credit card interest rates and rising delinquencies, a bill with bipartisan support would cap rates at 10%, about half the current average, for five years. The legislation would ...
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 average credit card rate was 16.34% in March 2022. "So, if the Fed cuts the federal funds rate by a quarter-point," Rossman said, "your credit card rate should fall by a quarter-point within a ...
Lower interest rate credit card strategies. When interest rates start to drop, you’ll probably get many offers for lower interest rate balance transfer cards. Before you apply for any, make sure ...
Struggling with your credit card balance? Relief may be in sight in the new year. Read on to see why.
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related to: canara bank credit card interest rates drop