01/27/2023
Carrying over card balances is expensive.
The average interest rate on credit card debt has soared to nearly 20%, from just over 16% at the beginning of last year. That's the largest one-year increase in four decades.
The Federal Reserve has been aggressively raising interest rates in an effort to curb inflation. Each time the central bank raises rates, the cost of carrying a balance on your credit card goes up as well.
If possible pay your balance off monthly by your statement date to avoid falling deep in Carrying over card balances is expensive.
The average interest rate on credit card debt has soared to nearly 20%, from just over 16% at the beginning of last year. That's the largest one-year increase in four decades.
The Federal Reserve has been aggressively raising interest rates in an effort to curb inflation. Each time the central bank raises rates, the cost of carrying a balance on your credit card goes up as well.
If possible pay your balance off monthly by your statement date to avoid falling deep in debt.
Dimetria
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