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- BREAKING: US credit card average interest rates just hit an all-time record
BREAKING: US credit card average interest rates just hit an all-time record
In Q2 2024, the average interest rate on credit cards in the US was 22.76%
US credit card average interest rates hit 22.76% in Q2 2024, an all-time high.
This is up from 22.63% recorded in Q1 2024.
Credit card interest rates spiked starting in Q1 2022 as the Federal Reserve started raising its interest rates from near 0% to the current 5.5%.
Currently, US households own a record $1.12 trillion of credit card debt. It therefore means the annual interest on this debt is ~$254 billion.
How do US consumers deal with such an amount of debt? You can find out in the both analyses below:
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