Credit Card Interest Rates Going Up, Up Up!
Credit card interest rates are SOARING to all-time new highs according to this week’s report by CNN (found HERE).
The average interest rates for plastic are now hovering around 15%. If your credit is poor however, you can pay dearly. In fact, credit challenged consumers with low scores can be expected to pay ridiculous rates, up to 59%! Yes, you are reading correctly. There is also no cap in sight on what creditors can charge.
The infamous CARD ACT passed in the fall of last year does not address interest rates, only fees and double-dipping on charges imposed by lenders. Credit card companies are now employing a strategy, it seems, to set their interest up front. Keep in mind that legislation prevented raising rates to high levels retroactively, so companies now are starting their customers off with higher interest in the beginning.
What does this mean to consumers? Well, if your credit is good, you can get a reasonable rate. If you have scores below 599, expect to pay 24% or even higher. If you’re in the 600-650 range, while considered a good FICO score, you’re still facing a 20% rate. If your credit is immaculate you have great choices, including a 7.25% interest option from Simmons First Bank.
If you have credit challenges, well you’re facing much higher rates, even if you can manage to get a card at all. If you’re struggling with high credit card debt now, consider debt resolution. Unlike debt settlement, debt resolution can eliminate your balances by as much as 60%. Stop struggling with minimum payments and lifelong balances. Call today at 866-401-6148. Our attorney-backed system generates no taxes on settled amounts. Try that with debt settlement and you’ll soon see the clear choice. Start living debt-free! Call or visit our website to speak with a specialist.
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