Reported 27 days ago
A recent study by Bankrate reveals that retail credit card interest rates have surged to a record average of 30.45%, significantly higher than the general credit card average of around 21%. With the highest rates reaching 35.99%, consumers face the risk of exorbitant interest charges if carrying a balance. The study highlights the financial pitfalls of signing up for store credit cards, especially if discounts are seen as immediate savings without considering long-term interest costs. Experts advise against impulsively signing up for retail cards to avoid falling into high-interest debt.
Source: YAHOO