The average credit card annual percentage rate (APR) has reached its highest level since 1991, according to new data from Bankrate. APRs are now at a record 19.04%, beating the 19% peak of more than 30 years ago.
The increases are being driven largely by the Federal Reserve’s continued hikes to the Federal funds rate and will not only impact the amount of interest consumers pay on their debt, but will likely extend the length of time it takes to repay those bills.
