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Increasing of the fed funding rates leads to higher interest rates when seeking new credit or carrying balances on credit cards. For example, the average interest rate on credit cards accruinginterest in Q4 2022 was 20.40% compared to 16.44% in Q4 2021 (Source: Federal Reserve G.19
Total credit card debt topped $1 trillion in the second quarter of 2023 for the first time ever. The average interest rate for all cardholders jumped to more than 21% in August, the highest on record, according to Federal Reserve data. Federally chartered credit unions have an 18% limit. Josh Hawley, R-Mo., For example, Sen.
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