Free Republic

A whopping 37 percent of credit card holders have either maxed out or come close to it since inflation gripped the nation under the policies of the Biden-Harris administration, a Bankrate/YouGov survey found Thursday. Credit card debt rose significantly due to rising costs,which soared about 20 percent on average across the board. “Inflation does not care if you are rich or poor. Everyone can feel its wrath,” Bankrate analyst Sarah Foster stated. “With limited options to absorb those higher costs, many low-income Americans have had no choice but to take on debt to afford costlier essentials — at a time...

The average annual percentage rate (APR) on credit cards nearly doubled to 22.8 percent in 2023 from 12.9 percent in 2013, costing consumers around $25 billion in interest fees last year, according to a new analysis by the Consumer Financial Protection Bureau (CFPB). The average APR hit the highest level on record at the end of last year, according to the bureau’s analysis of data from the Federal Reserve, which started tracking it in 1994. The surge in the overall average APR comes as credit card debt has hit an all time high. U.S. credit card debt topped $1.1 trillion...

The average credit card interest rate for retail stores has hit a record high of 26.72 percent while general purpose credit cards now charge an average of 22.6 percent, according to a study released Monday by industry group Creditcards.com. The rise in annualized percentage rates (APRs) comes as the Federal Reserve is raising the rates at which banks can borrow money from each other, making financing more expensive throughout the economy. Twenty-four credit cards on the market now charge 30 percent, including cards from retailers Dick’s Sporting Goods, Burlington and Wayfair. That’s ten times what the Fed was telling banks...