Analysis Suggests Confidence In Economy Can Be Seen In Card Debt

Card Debt

NEW YORK--As CUToday.info has reported, total credit card debt recently reached a record high. But borrowers are also paying more on what they borrow, as financial institutions pass recent Federal Reserve rate hikes onto customers.

Even without any additional rake hikes in 2019, Americans will spend $122 billion on credit card interest in 2019, almost $10 billion more than they did in 2018, reported Money, citing a MagnifyMoney study.

The average APR on credit card accounts has risen nearly four percentage points over the last five years, and now stands at 16.86%, according to the Federal Reserve.

Section: Standard
Word Count: 161
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: https://www.cutoday.info/THE-news/Analysis-Suggests-Confidence-In-Economy-Can-Be-Seen-In-Card-Debt