Average credit card APR climbs to record high
The average percentage rate on new credit cards continues to reach record highs. According to CreditCards.com, the average annual percentage rate for credit cards is at a record breaking 17.73 percent.
That's the highest weekly average since CreditCards.com began tracking rates in 2007.
The average APR rate for new credit cards is now a full percentage point higher than it was a year ago.
Consumers with less than perfect credit scores are being hit hardest, and even those with food credit scores are paying more than 17 percent on average.
However, most consumer credit cards have a range of interest rates, including maximum rates above 20 percent.
In an effort to help consumers struggling with credit card debt, new legislation is being introduced in congress to cap credit card rates and other consumer loans at 15 percent.
About six in ten credit card holders are carrying debt.