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Started By
Message
Credit card interest rates are surging
Posted on 10/28/24 at 5:25 pm
Posted on 10/28/24 at 5:25 pm
quote:
Today, card interest rates are higher than ever, with the average credit card interest rate now sitting at 23.37%, according to the Federal Reserve — a considerable increase from just a few years ago. For example, in August 2022, the average credit card rate was 18.43%, while in August 2020, it was 16.43%. This means that if you're using credit cards to finance purchases right now, you're paying significantly more in interest than you would have been just a few years ago.
And while Fed rate cuts, such as the one issued in September, typically help to lower the rates on many types of consumer borrowing, like mortgages and personal loans, they generally have little impact on credit card interest rates. So while there are expectations that the Fed will slash its benchmark rate again in November, it's unlikely that this rate cut, or any other upcoming rate adjustments, will offer meaningful relief. However, there are still several ways you can try to lower your credit card interest rates now.
LINK
Damn, be smart with your credit card purchases
16
Posted on 10/28/24 at 5:26 pm to RLDSC FAN
Mortgage rates are heading back up too.
Posted on 10/28/24 at 5:49 pm to RLDSC FAN
Build back better ?
Posted on 10/28/24 at 5:53 pm to RLDSC FAN
Odd, my interest rate is zero and always has been.
Posted on 10/28/24 at 5:57 pm to RandomPoster
quote:
Odd, my interest rate is zero and always has been.
Yousureaboutthat gif
Posted on 10/28/24 at 5:59 pm to RLDSC FAN
quote:
Damn, be smart with your credit card purchases
Be smart with your credit card payments, as in pay in full each month.
Posted on 10/28/24 at 6:06 pm to kywildcatfanone
quote:
Yousureaboutthat gif
Yes he is sure. If you pay it in full every month it's 0%
Posted on 10/28/24 at 6:12 pm to RLDSC FAN
But don’t charge nsf fees or that’s overcharging the consumer.
Oh and now credit cards have more rights than ever to push the disputed transactions back into the financial institutions.
This is gonna hurt.
Oh and now credit cards have more rights than ever to push the disputed transactions back into the financial institutions.
This is gonna hurt.
Posted on 10/28/24 at 6:19 pm to RLDSC FAN
At least there are no mean tweets.
Posted on 10/28/24 at 6:33 pm to Snoop Dawg
quote:
Be smart with your credit card payments, as in pay in full each month.
Doing this simple step will result in outstanding credit (hugely financially beneficial) and you’ll end up with some sort of cash back/points. Credit cards are a beautiful thing if used responsibly and strategically. Sadly, most people do the exact opposite.
Posted on 10/28/24 at 7:01 pm to threeputtforbogie
quote:
Doing this simple step will result in outstanding credit (hugely financially beneficial) and you’ll end up with some sort of cash back/points. Credit cards are a beautiful thing if used responsibly and strategically. Sadly, most people do the exact opposite.
I pay mine off all the time. I get anxious if it’s not at $0
Posted on 10/28/24 at 7:12 pm to RLDSC FAN
No one on this board carries a balance.
How can you not know that?
How can you not know that?
Posted on 10/28/24 at 7:40 pm to Lawyered
quote:
Build back better ?
You early don't know what this is
Posted on 10/28/24 at 8:09 pm to RLDSC FAN
Congress passed a law years ago that tied the max interest rates to prime rates. Now that prime rates have gone up so are CC rates
Posted on 10/28/24 at 8:15 pm to RLDSC FAN
quote:
Credit card interest rates are surging
Christmas going to be a m-f'r
Posted on 10/28/24 at 8:36 pm to Kingpenm3
George Carlin has a Great Take on credit cards.
This post was edited on 10/28/24 at 8:42 pm
Posted on 10/28/24 at 9:22 pm to RLDSC FAN
I financed some furniture. 35% credit score is 824
credit score is 824 Posted on 10/28/24 at 9:28 pm to RLDSC FAN
Buy everything on SouthWest CC. Pay it off at end of each month. Haven’t paid for a flight in 5 years and that includes round trip flights to Bahamas twice and California.
If you are responsible, you can make CC work for you with no financial drawback whatsoever.
If you are responsible, you can make CC work for you with no financial drawback whatsoever.
Posted on 10/28/24 at 9:33 pm to tigeraddict
quote:
Congress passed a law years ago that tied the max interest rates to prime rates. Now that prime rates have gone up so are CC rates
Link? I’ve never heard of a federal law linking credit card rates to the fed rate. Some states have usury laws with caps but that’s about it. Most of the federal law around credit cards is about disclosures.
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