Interest rates on credit cards have risen to their highest levels in decades as the Federal Reserve continues to tighten its monetary policy in an attempt to curb decades-high inflation.
The credit card rate has increased to an average of 20.72 percent, according to Bankrate, which indicated that it’s the highest figure since it started keeping track in September 1985. Meanwhile, LendingTree’s data show that as of late September, the credit card interest rate stand at 24.45 percent, an all-time record for the firm.
