Posted on 02/22/2024 6:30:02 AM PST by ChicagoConservative27
The average annual percentage rate (APR) on credit cards nearly doubled to 22.8 percent in 2023 from 12.9 percent in 2013, costing consumers around $25 billion in interest fees last year, according to a new analysis by the Consumer Financial Protection Bureau (CFPB).
The average APR hit the highest level on record at the end of last year, according to the bureau’s analysis of data from the Federal Reserve, which started tracking it in 1994.
The surge in the overall average APR comes as credit card debt has hit an all time high. U.S. credit card debt topped $1.1 trillion in the fourth quarter of 2023, and delinquencies have ticked up as well, according to the New York Federal Reserve.
(Excerpt) Read more at thehill.com ...
Usury.
Yep. I think that's why a lot of people are maxxing their credit cards, they expect a bailout.
Any moment now, Joe will go on TV to complain about credit card companies ripping off consumers with high interest rates and to tell them to “do the right thing” by reducing rates.
It is essential that all this debt - all of it - be cancelled.
It’s a drag on production, and it counts in GDP on the creditor side even though most of it will never be paid - the Treasury equivalent of NFL dead cap space.
Read your Bible.
I just got a notice that my credit card rate was increasing. I pay it off every month so that is not a problem with me.
“why a lot of people are maxxing their credit cards, they expect a bailout”
That’s a heck of a gamble in my mind.......I sure wouldn’t do it......not to mention enethical as hell and basically stealing.
Two taxes on the math challenged are lotteries and CC interest. At 29% you are paying twice the cost in 2.5 years. Talk about measly inflation rates.
Unethical
Recently notified that my Home Depot credit card interest rate is going to 29.99%. Never carry a balance, but 30%?!
The people I know in this situation are paying bills with CC.
They will have to declare bankruptcy eventually.
They’re drowning, not taking Viking cruises.
I find it odd that many here get mad at stupid people and 18-22 year olds, instead of the 50 year old Harvard MBA that makes millions off of loaning money to people he knows that can’t repay.
Basically people are renting money so they don't have to wait until they've saved up for what they want. That can be risky.
And interest rates?
Biden's foolish spending is causing interest rates to go up, price of groceries to go up, prices of housing to go up... and the price to rent money to go up. Elections have consequences...
During the mafia days, that would be considered loan sharking.....
Biden’s home state of Delaware is largely responsible.
NOT GOING TO HAPPEN, All the credit companies are incorporated in Delaware for a reason. Biden has been bought and paid for, for many many years, he will NOT go against them for any reason.
I have a couple off AA reward cards. Before interest rates went up, the interest rate was around 15%. At some point it went up to the mid 20s. That is a big for someone that has a substantial balance..
And yet the fawning press will never call Biden on it.
$25 billion is not that much money when you consider that 190 million Americans have a credit card.
Averages out at $132 per card holder.
Instantly available credit is a luxury (or curse) that most Earth residents have never had.
I am glad I have the option, since I never know when I might need it.
Yup. Joey Bidenskyyyyyyyyyyyyy’s Credit Card “Forgiveness” Club. The Dung Beetle Party has given out millions of credit cards to their new illegal alien voter base and they’ve got to be paid off somehow.
I think we get frustrated with stupid people running up credit card balances, because we believe in personal responsibility, and being responsible about our personal finances.
People who run up big balances and paying high interest on credit cards, are not being as responsible about their personal finances as they should be.
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