The cost of carrying a balance on your credit card is now the highest it's been in more than 30 years.
Increasing the federal funds rate cranks up what's known as the prime rate. That's the interest rate that
The new average represents a substantial increase from the 16.3% average rate for credit cards seen at the beginning of the year. According to Bankrate, for someone carrying a $5,000 balance on their credit card — which is the current national average — making just the minimum payment each month at that rate would cost you $5,517 in interest over 185 months, or about 15 years. At today's 19.04% rate, you would pay $6,546.
Yet even as racking up large credit card balances can ultimately affect credit scores, and as the total amount of all credit card balances in the U.S. remains at record levels, delinquencies remain low, Rossman said.
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