Posted on 07/02/2022 7:41:49 PM PDT by Libloather
As credit card debt in the United States continues to swell amid unbridled inflation, average annual percentage rates for new credit cards are hitting record highs.
“Credit card interest rates are basically the highest they’ve ever been. I’ve been watching credit card rates on a monthly basis for more than a decade now. And it’s the highest that they’ve been since I’ve been tracking them," Matt Schulz, the chief credit analyst for LendingTree, told Yahoo Finance.
The average interest rate for credit cards was 20.17%, according to an analysis in June by LendingTree, an internet lending marketplace. June marked the first time the average rate eclipsed 20% since the survey began in 2018, according to the company. The survey reviewed over 200 popular credit cards.
The uptick in credit card interest rates coincides with high levels of credit card debt. Recent data from the Federal Reserve found that credit card balances in the U.S. reached $841 billion during the first quarter of 2022, according to CNBC. While lower than record-high levels of $930 billion set in 2019, the recent trend has been upward.
"The troubling truth is that we’re nowhere near where the top is going to be," Schulz added, per the outlet.
(Excerpt) Read more at washingtonexaminer.com ...
President Retard did that 🤪
He’ll blame Putin on the evening news
You’d be an idiot to get one of those.
Credit card interest rates should not be more than 6% plus 1.5 times what banks pay on CDs to small savers.
If the bank pays small savers 2% on new CDs, then their top card rate should be 9%.
Yay!!
Jimmy Carter days are back!!
😁😁😜🥴🥴 📉📉📉📉
Wasn’t it Zero who made credit cards ‘fair’ by raising it to 25%? Those with excellent credit got screwed.
Perhaps friend-to-friend loans should not be dischargeable by bankruptcy if say less than twice the Social Security trust fund interest rate when the interest rate is set.
This would be cheaper than credit card interest for the borrower and better than bank interest for the lending friend.
The local mob loan shark just said “and dey call me a criminal?”
Zero was raised by a banker.
Banks have been screwing savers since he took over.
Lord the rate on my cards is about 29.9% with excellent credit. And I am talking AMEX cards.
Check your CC statement to see what they will charge, it’s way over 20%
I can’t believe the Democrats are for the ‘little people’ when such big interest rates are legal.
My credit union Visa card was 6.9 the other day. Why do people use AmEx Citi …. They are crooks. Join a good credit union.
I don’t normally carry any balances
haven’t carried a balance in over 40years...
Back in the 90s, credit card companies were offering 0% interest for the first six months. Signed up, transferred everything over and started hammering the balance. After six months, signed up for another card and transferred the balance. Finished it all off. Those were the days.
You need better cards! My worst rate is 18.5%, Capital One
Neither have I .
.
and they still give you rewards for using their service...
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