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According to the Consumer Financial Protection Bureau (CFPB), the average credit card APR has nearly doubled over the past decade, climbing from 12.9% in 2013 to 22.8% in 2023.
At the same time, the average credit card APR in 2023 was a whopping 22.8%. That's the highest these rates have been since the Federal Reserve started collecting this data back in 1994.
Daily rate. Find this rate by dividing your credit card’s purchase APR by 365 — the number of days in a year. Average daily balance. Add up your balances at the end of each day in the billing ...
And unless you have a 0% intro APR or other special-rate card, these fees can add up fast: The average credit card interest rate was 16.27% in August 2022, the most recent figure provided ...
Just three years ago, the average credit card interest APR was a whopping 6.6% lower than it is now. This means if you are carrying a $10,000 balance on your card, you’ll pay an additional $660 ...
The average credit card APR in early August was 15.13%, according to the Federal Reserve, while the APR for cards that carried a balance—meaning they weren’t paid in full by the payment due ...
At the 21.59% average credit card interest rate, someone making 2% minimum payments on a balance of this size would have a monthly payment of $130.02. They would take more than 30 years to become ...
Do you owe more or less on your credit cards than the average consumer? Read on to find out.
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