🚨Credit Card 💳average APR margin is the highest 🔝on record🚨
Over the last 10 years, average APR on credit cards assessed interest have almost doubled from 12.9 percent in late 2013 to 22.8 percent in 2023 — the highest level recorded since the Federal Reserve began collecting this data in 1994
Even consumers with the highest credit scores are incurring higher costs.
For an average consumer with a $5,300 balance across credit cards, the excess APR margin cost them over $250 in 2023.
