Despite a half-point Fed rate cut, the average credit card interest rate fell by just 0.13%, report finds [CNBC]
NerdWallet, Inc. (NRDS)
Company Research
Source: CNBC
Even with more rate cuts expected to come, consumers carrying a balance on their credit cards are unlikely to feel relief. Collectively, Americans are having a harder time keeping up with their credit card bills . Part of the problem: Carrying a balance comes at a high cost Credit card rates spiked along with the Federal Reserve's string of 11 rate hikes starting in March 2022. The average annual percentage rate rose from 16.34% at that time to more than 20% today — near an all-time high Those APRs are edging lower — but not by much — now that the Fed dialed back interest rates by a half point on Sept. 18 and is expected to cut its benchmark rate again when it meets next week. More from Personal Finance: 28% of credit card users are paying off last year's holiday debt Holiday shoppers plan to spend more while taking on debt 2 in 5 cardholders have maxed out a credit card or come close Most credit cards have a variable rate with a direct connection to the Fed's benchma
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- 10/29/24 - Miss
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