Average Credit Card Interest Rates Continue to Climb
If you feel like you're paying higher credit card APRs than you were just a couple of years ago, it's not just your imagination. According to new data, the average credit card interest rate has climbed to an all-time high recently. Average rates were near 11% as recently as a few years ago, but now that average is hovering just below 15% -- a serious financial burden for anyone who has to carry a balance.
As this article points out, APRs hit a record high of 14.78% in November, and they've only inched down incrementally since then (the most recent data shows a 14.72% average).