Record High Credit Card Interest Rates May Go Higher, So Pay Them Off

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Record High Credit Card Interest Rates May Go Higher, So Pay Them Off

Jan, 25th 2017

If you have credit card debt, it's going to cost you more in 2017. That's because credit card issuers are raising their interest rates, and they're at a higher point now than they have been in at least a decade. According to CreditCards.com, the credit card average percentage rate (APR) hit its highest point last week since the site started tracking it in 2007. That record rate was 15.27. Then today the rate rose some more, to another record 15.29 percent.

That average takes all APRs into account, from incentive rates up to punitive rates for late payers. For example, the average rate for those with bad credit is now 22.95 percent.

Don't expect credit card interest rates to come down anytime soon. APRs have risen as a direct result...

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