Creditcards.com industry analyst Ted Rossman discusses the rise in credit card debt.
HERE'S HOW PAYING OFF $10K IN CREDIT CARD DEBT WITH A PERSONAL LOAN COULD SAVE YOU THOUSANDSUnfortunately, no, not surprised. Really, the only thing that is a bit surprising is how fast this is happening. We've seen this movie before with respect to during and shortly after a recession, and credit card debt falls, then it climbs back up and sets new records. The thing is, though, during the financial crisis, it took six years to hit bottom.
So what this means is by mid-year, we're probably going to be looking at the highest total credit card debt that Americans have ever had. Credit cards, on the other hand, the national average is a little over 16%. And by the way, that's the average of the low end of the range on 100 popular cards. That's what people with better credit are charged. People with worse credit, you're probably looking at 20 even 24%. That's the average on the high end.
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