As credit card debt in the United States continues to swell amid unbridled inflation, average annual percentage rates for new credit cards are hitting record highs.
“Credit card interest rates are basically the highest they’ve ever been. I’ve been watching credit card rates on a monthly basis for more than a decade now. And it’s the highest that they’ve been since I’ve been tracking them," Matt Schulz, the chief credit analyst for LendingTree, told Yahoo Finance.
"The troubling truth is that we’re nowhere near where the top is going to be," Schulz added, per the outlet. If debt continues to rise and the Fed continues tightening monetary policy, credit card interest rates could soar even higher.
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