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That doesn’t explain rising late payment/default rates. Also (holy shit) the average credit card APR is 15%, apparently a record high since 1994. I do not pay i
by tempsy 7y ago
That doesn’t explain rising late payment/default rates. Also (holy shit) the average credit card APR is 15%, apparently a record high since 1994. I do not pay interest on my cards, but I have a very high credit score and my rewards cards are all >22% APR.
Something is very wrong if banks are borrowing at record low rates and yet consumers are borrowing in record amounts at record high rates!
Source: https://www.creditkarma.com/credit-cards/i/average-apr-on-credit-card/ https://www.creditkarma.com/credit-cards/i/average-apr-on-cr...
- User23 7y agoCredit cards are usury unless you have the cash flow and discipline to pay the complete amount due every statement. They're barely a step above payday and title loans (not in absolute effective APR, but morally). Personally I prefer to just use a charge card.