The Consumer Financial Protection Bureau (CFPB) has released a report revealing that rising credit card interest rates are causing consumers to pay an additional $25 billion in interest charges. This alarming trend highlights the financial burden faced by many credit card users.
According to the report, the average credit card interest rate has increased significantly over the past year, reaching its highest level in more than a decade. This surge in interest rates has resulted in consumers paying billions of dollars more in interest charges on their credit card balances.
