Interest rates on credit cards have hit a record high as the Federal Reserve shows no signs of pivoting away from its monetary tightening policy. The average credit card annual percentage rate (APR) has hit 19.04 percent, Ted Rossman, a senior industry analyst at Bankrate, said to The Epoch Times. This is a new record…
Credit Card Borrowing Grows at Fastest Annual Rate in 17 Years
Households’ credit card borrowing grew at the fastest annual rate since 2005 in April, according to Bank of England figures–just as a string of price rises started to hit. The annual growth rate for all consumer credit, which includes borrowing on credit cards, overdrafts, personal loans, and car finance, increased to 5.7 percent in April…
Credit Card Borrowing Falls to Lowest Level in 4 Years
WASHINGTON—Borrowing by Americans fell in January for the first time in five months, as the use of credit cards fell to the lowest level in four years, offsetting gains in auto loans and student loans. The Federal Reserve reported Friday that consumer borrowing fell by $1.3 billion in January, the first setback since a $9…
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