Nick of the “REventure” YouTube channel does a good job presenting the data on credit charge charge-offs, which are at levels and rates of increase that have preceded collapses in the past.
He asks: why isn’t the MSM reporting on this?
Pay off your cards every month! The banks are committing usury but we have only the weakest laws against usury. See the table below. Remember, banks offer essentially zero interest rates on deposits and are not required to hold any reserves.
Rolling over credit card debt will eat you alive.
Percent change from a year ago:
18 min
Via MS Copilot GPT-4:
The average credit card interest rate in the United States varies based on several factors, including credit score, card type, and individual circumstances. As of February 2024, the average interest rate on accounts with balances that assessed interest was 22.63% according to The Federal Reserve1. However, it’s essential to note that your specific credit card’s annual percentage rate (APR) may differ from the national average. Credit card APRs can vary widely based on factors such as your credit score and debt-to-income ratio.
Here’s a breakdown of average credit card interest rates by category:
All Existing Accounts: 21.59%
All New Offers: 22.85%
Excellent Credit: 18.04%
Good Credit: 24.09%
Fair Credit: 26.32%
Store Cards: 30.19%
Secured Cards: 22.75%
Student Cards: 19.73%
Business Cards: 22.16%
Remember that maintaining a good credit score can help you qualify for lower interest rates, potentially saving you money. If you’re looking to improve your credit card interest rate, consider strategies like paying bills on time, reducing outstanding balances, and monitoring your credit utilization. Always check the specific terms of your credit card to understand the APR and any promotional rates234. 🌟
Pray for peace! Have a great day.