Credit card interest rates hit new highs
Credit card debt now stands at $969 billion, a number not seen since 2008. Consumers began purchasing less on credit following the recession that began that year. However, credit card use has been steadily rising since then.
Most of this card use comes from new accounts. It's estimated that upwards of ten million credit card users recently opened their first credit card account. Many of these individuals (52%) are under the age of 30.
Despite this, the delinquency rate has not shown a major increase. In quarter 2 of 2016, it remained at a fairly low 1.29%.
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Originally Posted at: http://www.moneytips.com/credit-card-interest-rates-hit-new-highs/666
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