Staying Put: Credit Card Interest Rates Holding Steady

According to the CreditCards.com Weekly Credit Card Rate Report, credit card interest rates are staying at a rate of 14.93%. The credit card article on Fox News states that this rate was up in weeks past but seems to be stagnant at this rate. In 22 weeks, the interest rate has only fluctuated – slightly, during 9 of those weeks. Furthermore, the author notes that the Discover Escape card maximum APR was decreased from 16.99% to 15.99%.

The Federal Reserve has received reports from banks that they have seen a 17.5% increase in consumers who are applying for new cards in the first quarter of 2012. With the recession and job numbers moving in a better direction, it seems that banks and lenders are making borrowing a bit easier, but not  allowing much in terms of clemency for borrowers.

Equifax is cited in the article as providing details of a $199 billion drop in credit card balances since early in 2009.

Read the full article by visiting:  http://www.foxbusiness.com/personal-finance/2012/05/30/rate-survey-credit-card-interest-rates-hold-steady/ and learn more about your credit by visiting our personal  credit page.