Credit Card APR Increased
A recent report from CreditCards.com found this week's national average annual percentage rate for credit cards increased to 14.91 percent compared to last week's figure of 14.75 percent.
The new average is the highest the report witnessed since the company began tracking such figures four years ago. Despite the new information, the average APR for those with bad credit remained at 24.96 percent from last week.
Student average APR remained stagnant at 13.77 percent, and business credit cards also remained the same, and most recently stood at 13.07 percent, on average. Low interest rate cards also witnessed no change from last week, as the average APR for these items were 10.73 percent.
Consumers with large amounts of credit card debt may be concerned with this information, as higher rates typically make paying off funds much more difficult. For those with bad credit, it could be wise to make sure more than the minimum payment is made for every credit card bill. It will improve the speed of credit recovery and can also help boost credit ratings at the same time.
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