Credit Card Rates Keep Going Up, and Americans Are Getting Trapped

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The Federal Reserve may be lowering federal interest rates again these days, but credit card interest rates are rising.

Credit card interest rates increased 3.4 percentage points since 2015, according to data from the Federal Reserve of St. Louis, and have been rising since 2011.

And for Americans carrying credit card balances month over month, therein lies the trap: While consumer confidence hit an 18-year high in September 2018, credit card interest rates hit a 25-year high.

And those rates haven’t gone down since (while consumer are starting to feel the pain from the ongoing trade war).

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