As the Federal Reserve considers whether to raise interest rates again, credit card debt is already at a record high, and more people are carrying debt month to month.
File - Credit card logos are displayed on a business's door, Monday, July 5, 2021, in Cambridge, Mass. As the Federal Reserve considers whether to raise interest rates again, credit card debt is already at record highs, and more people are carrying debt month to month. , credit card debt is already at a record high, and more people are carrying debt month to month.
Bankrate says the average credit card interest rate, or annual percentage rate, has reached 20.4% — the highest since their tracking began in the mid-1980s. “The more than half who pay in full each month are clearly doing a lot better than the almost half who don’t,” McBride said. “Those who tend to carry balances tend to be younger people, people making lower incomes, and those with lower credit scores. Another factor contributing to rising debt is inflation, which means the cost of day-to-day living is outpacing paychecks.”
“What’s not good is carrying balances, paying interest, and falling behind,” McBride said."No one wants to be paying 20% every month."
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