Trends in Credit Cards - Record Highs for Credit Card Interest Rates Reached

Record Highs for Credit Card Interest Rates Reached

January 4, 2011

Credit card interest rates achieved record highs last month, ballooning to an average of 15.22 percent, according to the consumer information site CreditCards.com.

The Huffington Post states the rocketing rates are a result of consumers living “paycheck to paycheck” in the difficult economic times and thus relying on credit cards more heavily.

At the same time, credit card companies are increasingly targeting Americans with inconsistent credit records, according to the Huffington Post. A record 418 million offers were mailed to subprime borrowers during first three quarters of 2011, according to The Wall Street Journal - twice the amount than in 2010.

In 2011, credit card users compiled $64 billion in debt total – more than in either of the two years prior, reports The Christian Science Monitor. Click here for complete coverage.