Credit Card Rates Hit a Record High as Fed Fights Inflation
It’s never a great time to carry credit card debt. But right now is arguably the worst time. The Federal Reserve’s war on inflation has driven up the average credit card APR to 19.04% as of November 9, according to Bankrate.com. That’s the highest rate since Bankrate.com’s database began in 1985, beating the prior record of 19% set in July 1991. The national average APR for credit cards has climbed by 2.74 percentage points so far this year, the biggest increase in a single year on record. [CNN]
Banks Are Going All-In on Premium Travel and
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