The average credit card interest rate is 23.56%, according to Forbes Advisor's weekly credit card rates report. The Federal Reserve keeps tabs on the average interest rate that U.S. consumers pay for a variety of different financial products—credit cards included. In February 2023, the average credit card interest rate in the U.S. on accounts with balances that assessed interest was 20.40% according to The Federal Reserve.
U.S. credit card debt hit a record $930 billion, with younger Americans having the highest delinquency rate.
Quick facts: Credit card debt and delinquency rates
- U.S. credit card debt hit an all-time high of $930 billion
- Debt surpassed the $870 billion peak during the 2008 financial crisis
- Credit card delinquency rates increased .16% from the prior quarter to 5.32%
- Younger Americans (18 to 29) have a 76% higher delinquency rate than anyone else
Are you struggling with credit card debt? Minesota Bankruptcy Attorney Jeff Butwinick can help.
You can self-schedule an appointment by clicking here: http://butwinicklaw.com/index.php/appointments/