The current average credit card interest rate is over 15 percent, according to CreditCards.com.
Among the most
current average credit card rate drops, the significant change has been the business credit card sector.
Not exact matches
You borrow money from a lender to pay off bills and you pay off all your
credit cards and other debts as one consolidated monthly payment to the lender, ideally at lower
average APR than your
current rate.
Who knows what the the
average APR is on these accounts, but let's assume the
current national
average APR for new
credit card accounts: 15 %.
The
current federal funds rate sits at about 0.5 %, while the
average interest rate on
credit card accounts is approximately between 12 % to 14 %.
The
current national
average credit card debt per person exceeds $ 9,000.
Just make sure the interest rate on the loan is lower than your
average interest rate on your
current credit card bills.
Putting $ 100 worth of expenses on
credit cards at the
current average interest of 17.42 percent would mean $ 9,600 in debt upon graduation.
Sub-prime borrowers seeking mortgages, auto loans or
credit cards will find that standards are tighter today than typical since 2005; prime borrowers will find
current standards are close to the
average since 2005.
Some people obtain a loan to pay off
credit card debt and the interest rate on that loan is higher than the
average interest rate on their
current credit card debt.
You can also add up all your
credit card balances and
average your interest rates and monthly payments to see when you will be debt - free with your
current repayment plan.
(The
current annual percentage rate for low - interest
credit cards is 10.4 percent, on
average, according to Bankrate.com.)
The
average APR for cash back
cards is 14.45 percent as of Feb. 29, but they can go as high as 25 percent (see
current credit card rate
averages).
According to the Nov. 22, 2017, CreditCards.com Weekly
Credit Card Rate Report, rewards cards charged an average of 16.24 percent interest, higher than the overall average (see current card rat
Card Rate Report, rewards
cards charged an
average of 16.24 percent interest, higher than the overall
average (see
current card rat
card rates).
For perspective, that total difference in rates is just 1 percentage point less than the
current average for
cards offered to consumers with bad
credit.
Variable
credit card rates
average at 16.23 % this week; at a steady double - digit number,
current rates are much harder to manage when compared to the likes of low - interest student loans or most mortgage and auto loans.