NEW YORK—The average annual percentage rate on credit cards nearly doubled to 22.8% in 2023 from 12.9% in 2013, a new report shows.
That is costing consumers around $25 billion in interest fees last year, The Hill reported, citing an analysis by the CFPB.
The average APR hit the highest level on record at the end of last year, according to the Bureau’s analysis of data from the Federal Reserve, which started tracking it in 1994.
“For the second consecutive year, 36% of Americans say they have more credit card debt than emergency savings, according to a Bankrate analysis. That’s the highest percentage since it started polling in 2011,” The Hill said.
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