Interest Rate Roundup
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- 13.33% (all fixed)
- 15.13% (all variable)
Credit card rate averages shifted substantially this week in Bankrate's latest survey of interest rates. The average annual percentage rate for fixed-rate credit cards fell a whopping 69 basis points to 13.33 percent. The average APR for variable-rate credit cards went the other direction, rising 54 basis points to 15.13 percent.
Bankrate made changes to the list of credit card companies it surveys, and that may have had an impact on this week's rates.
Contrary to some generational stereotypes, older Americans are racking up more credit card debt than younger Americans these days, according to a study conducted by the research firm Demos and AARP's Public Policy Institute. Households headed by Americans older than 50 carried an average credit card balance of $8,278 compared to $6,258 for Americans younger than 50, according to the study. Of those older households, more than a third reported using credit cards to pay for basic living expenses because they don't have enough money in checking or savings accounts.
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