Reported 23 days ago
According to a recent Bankrate study, the average interest rate on retail credit cards has reached a staggering 30.45%. This increase is partly due to recent Federal Reserve interest rate hikes and the less selective credit quality of these cards. Retailers often depend on late fees for revenue, and with potential caps on these fees from the Consumer Financial Protection Bureau, some are raising interest rates to make up for anticipated losses. To manage this debt, consumers are advised to pay off their balances in full and consider zero percent balance transfer cards.
Source: YAHOO