The current average credit card interest rate stands at 20.78%, up from roughly 16% in 2022, and retail credit cards are even higher at 30.45%.
Greg McBride from Bankrate highlights that a quarter-point Fed cut could lower most cardholders' rates within two or three statement cycles, emphasizing its long-term implications.
McBride forecasts that a year from now, consumers may witness significantly lower credit card rates, suggesting a broader trend of rate cuts from the Fed.
The article stresses the importance for consumers to remain aggressive in repaying credit card debt, as lower interest rates alone won't resolve challenging financial situations.
[
Collection
]
[
|
...
]