The cost of borrowing funds is on the rise (along with everything else) as inflation forces the Federal Reserve to raise its rate by 25-basis-points, the highest level in 15 years.
The average credit card interest rate hit 20.40% in November, up 3.75% from July, according to recent data from the Fed. This means the 35% of borrowers who carry a balance from month to month can expect a higher interest bill—especially if they have a variable rate.
