The Impact of Average Credit Card APR Trends in 2023 on Consumer Finances
Wednesday, 3 April 2024, 09:00
How Credit Card APR Impacts Your Finances
Carrying credit card debt could really cost you. Credit card companies make money off the interest customers pay, which has surged over the past decade, nearly doubling the average APR to 22.8% in 2023.
Why You Should Be Cautious
- Customers could lose significant amounts to interest over time, reaching thousands of dollars.
- If you find yourself with credit card debt, exploring debt consolidation into personal loans with lower interest rates could be a smart move.
It's crucial to manage credit card balances wisely to avoid financial strain. Make sure to pay balances in full monthly and consider alternative financing options for emergency expenses to mitigate interest costs.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.