The current interest rate on credit card debt is roughly 21.5%, the highest it’s been since the Federal Reserve began tracking rates in 1994.
For those facing increased credit card debt, it’s important to consider factors like asking for a rate cut and paying off higher interest debt first.
At the end of 2023, Americans held $1.13 trillion on their credit cards, and aggregate household debt balances increased by $212 billion, a 1.2% rise, according to the New York Federal Reserve.
Full Story: The Associated Press
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