Credit card rates hit a record high as Fed fights inflation
The Federal Reserve's war on inflation has driven up credit card rates to the highest level on record going back to the mid-1980s.
Posted — UpdatedThe average credit card APR (annual percentage rate) climbed to 19.04% as of November 9, according to Bankrate.com.
That's the highest since Bankrate.com's database began in 1985, beating the prior record of 19% set in July 1991.
The cost of carrying credit card debt has surged as the Federal Reserve has sharply raised benchmark interest rates in an effort to get inflation under control.
The national average APR for credit cards has climbed by 2.74 percentage points so far this year, the biggest increase in a single year on record, according to Bankrate.com.
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