Interest rates are falling rapidly—except for credit cards
Interest rates are going down. But consumers could find themselves paying more on their credit-card debt.
Banks’ generous rewards programs, offering free travel and other perks, are a hit with customers but have been eating into lenders’ profitability. To offset that pain, banks are charging cardholders more to borrow. The average annual percentage rate, or APR, on interest-charging credit cards is about 17%, according to Federal Reserve data. That is near its highest in more than two decades.
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