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Wed Oct 10, 2018, 08:38 PM

Credit Card Interest Rates Spike At Record Highs, Post-Fed

Last edited Wed Oct 10, 2018, 09:23 PM - Edit history (1)

•On the heels of the latest Fed rate hike, credit card interest rates are at record highs.

•The average APR is now over 17 percent, according to CreditCards.com's latest report.

•That means it's time to aggressively pay down debt.

Jessica Dickler | @jdickler
Published 12:09 PM ET Tue, 9 Oct 2018 Updated 6:16 PM ET Tue, 9 Oct 2018
CNBC.com

3:52 PM ET Tue, 20 Feb 2018 | 02:49

If you're running up a tab on plastic, this could be a breaking point.

Just a little over a week after the Federal Reserve's latest quarter-point interest rate hike — the eighth such incerase in two years — credit card rates are near record highs.

The average credit card interest rate is now 17.01 percent, according to CreditCards.com's latest report. That's up from 16.15 percent one year earlier and 15.22 percent two years ago.

Most credit cards have a variable rate, which means there's a direct connection to the Fed's benchmark rate, and as interest rates rise, cardholders get squeezed. The central bank has also indicated there will be more rate hikes to come.

"Everyone in America should expect that their rates will be going higher for the foreseeable future," said Rebecca Walser, a tax attorney and certified financial planner in Tampa, Florida.

More...

https://www.cnbc.com/2018/10/09/credit-card-interest-rates-spike-post-fed.html

MAGA, MAAAGA, MAAAAAGA!!!

19 replies, 165 views

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Response to RCW2014 (Original post)

Wed Oct 10, 2018, 08:57 PM

1. Credit cards should be paid in full every month

Consumer debt = slavery.

It is the means by which capitalist societies coerce the population to work.

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Response to Troll2 (Reply #1)

Wed Oct 10, 2018, 09:02 PM

2. No argument from me but for a large percentage, it isn't, which means they will have

less discretionary monies to spend. Money changers in NYC are happier than pigs in shit however.

Wicked cycle we are entering, imo but then again, what do I know?

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Response to RCW2014 (Reply #2)

Wed Oct 10, 2018, 09:12 PM

3. That large percentage should learn to live within their means.

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Response to Magyar Heidinn (Reply #3)

Wed Oct 10, 2018, 09:16 PM

4. Should, but they don't. When they bankrupt out, the taxpayers will lose as we again will

bail-out the NYC money changers. They win, we lose.

We've been to this dance before, now haven't we?

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Response to RCW2014 (Reply #4)

Wed Oct 10, 2018, 09:20 PM

5. Another should.

Should never bail out the money changers, auto makers ect. That includes the supposed poor.

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Response to Magyar Heidinn (Reply #5)

Wed Oct 10, 2018, 09:21 PM

6. Are there no prisons, are there no work camps? nt

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Response to RCW2014 (Reply #6)

Wed Oct 10, 2018, 09:26 PM

7. Why bail them out?

Hunger is a great motivator,

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Response to Magyar Heidinn (Reply #7)

Wed Oct 10, 2018, 09:35 PM

8. The NYC money changers, no reason at all but only a scant few were held accountable

for their 2008 era crimes. Why is that?

Best money they ever spent buying a Congress, indeed.

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Response to RCW2014 (Reply #8)

Wed Oct 10, 2018, 09:40 PM

9. You know why.

Like I said, should not have bailed them out. Government has no business in business or with poor people.

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Response to Magyar Heidinn (Reply #9)

Wed Oct 10, 2018, 09:51 PM

10. Damn few of the lowly "poor people" I know of got "bailed out". Only bail out they

got was neighbors with a truck and trailer helping them move their last few possessions out before the sheriff forced an eviction on their foreclosed property.

I know it is all cutesy and "greater than thou" for @ righty to think this only happens to the lowly worthless dregs of society but I witnessed many a good family destroyed due to the Bush "great recession" .

All signs are flashing another is approaching...

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Response to RCW2014 (Reply #10)

Wed Oct 10, 2018, 09:58 PM

12. They continue to get bailed out every month. A daily, weekly, monthly,

and yearly burden to those that matter.

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Response to RCW2014 (Reply #10)

Wed Oct 10, 2018, 10:03 PM

13. Ahem -- that would be the "bawny fwanks" great recession

You need to be accurate.

The 2008 hit was a DIRECT result of the idea that EVERYONE deserves a house -- and the THREAT from democrats that if mortgage loans didn't hit racial quotas that banks will be hounded by the government and individual bank officers would be criminally prosecuted.

So that recession was on lefty. And the delay in the recovery was the obozo idea that failed institutions should be propped up. Had he just kept his incredibly stupid mitts off of things it would have been over in 1/4 the time.

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Response to freedumb2003 (Reply #13)

Wed Oct 10, 2018, 10:10 PM

14. She knows

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Response to freedumb2003 (Reply #13)

Thu Oct 11, 2018, 08:01 AM

19. Obama worked as a lawyer for ACORN, which forced banks to make bad loans

Which caused the recession

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Response to RCW2014 (Reply #10)

Thu Oct 11, 2018, 07:58 AM

18. Are you talking about the democrat-imposed recession?

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Response to RCW2014 (Original post)

Wed Oct 10, 2018, 09:56 PM

11. Anyone who pays one thin dime of CC interest is dumber than dirt

I assume you have thousands of dollars of CC charges and you pay the minimum.

But nice to see you once again gleefully dance on the poor people who can least afford the carriage they pay since publik edumakation never taaught them differently.

You REALLY hate poor people, don't you?

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Response to freedumb2003 (Reply #11)

Wed Oct 10, 2018, 10:52 PM

15. Huh? Nt

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Response to RCW2014 (Reply #15)

Thu Oct 11, 2018, 01:04 AM

16. Res ipso loquater nt

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Response to RCW2014 (Original post)

Thu Oct 11, 2018, 07:57 AM

17. The Federal Reserve is NOT Trumps friend

They raised the discount rate right after Trump was elected and kept them at rock bottom the whole time Obama was in.

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