If you are in the market for a new credit card, be aware that you may be looking to pay more in interest than you have with previous cards. According to a recent article by USA Today, the average interest rate on a new credit card hit a record interest rate this year.
“The national average credit-card rate has risen by 0.56% in the past six months, based on 100 of the most popular cards from dozens of lenders but excluding introductory “teaser” rates. And costs could jump at least another half percentage point this year if the Fed raises rates two more times as expected.”
The article explains that the average interest rate on a new credit card hit a record 16.71%, the 10th consecutive week rates have hit new highs. The article also goes on to explain what to expect for the future, and how to combat rising interest rates.
Visit the USA Today here to read the full article.