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Average Credit Card Interest Rate 2018

Interest Rates Housing Market When Do Rising Interest Rates Hurt the Residential Real Estate Market? – After years of near zero interest rates, the Federal Reserve is raising its benchmark rate, currently at 1.9 percent. Like a ripple across a still pond, as the Fed rate goes so do other important.

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March of 2018 saw the sixth rise of the federal funds rate – and, thus, the US Prime Rate – since 2015, a marker of the continued growth of the US economy since its lows in the late 2000s.. But while economists may hail the increase as a positive sign, average consumers may not feel so positive about an increase in their interest rates – particularly not the 50% of consumers with credit.

That’s no surprise since the Federal Reserve reported in May 2018 that the average interest rate on a credit card was an astronomical 14.1%, and some can run as high as 30%.

As of March 2018, the average interest rate on a credit card was 16.84%. With rates that high, carrying a balance can get extremely expensive. If you are one of the millions of Americans that’s carry a balance on your credit cards, there are things you can do to reduce how much you’re paying each month.

The average credit card interest rate is 19.24% for new offers and 14.14% for existing accounts, according to WalletHub’s Credit Card Landscape Report. Credit card interest rates have increased in recent years and will continue to rise as the Federal Reserve hikes its target rate.

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The average credit card interest rate for people with fair credit is a whopping 21 percent, according to financial research firm CardHub. That was almost 4.5 percent higher than a year earlier.

What is the Average Credit Card Interest Rate? In February 2018, the average credit card rate was 15.32%, according to the St. Louis Federal Reserve. However, by August 2018, the average APR rose to 16.46%. Many credit card issuers use variable rates, so when things change, so does the amount of money you pay for your debt.

0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends,

Americans paid banks some $104 billion in credit-card interest and fees in. forecast four interest rate hikes (one every three months) in 2018.. That breaks down to an average balance of $6,348 for people with credit cards,