PaymentsJournal

Brace yourself: Credit Card Interest Bump Coming

Stack of credit cards with a pen

Credit cards tied to the Prime Interest rate will likely see another increase before the end of March.  There will likely be two additional increases later this year.  The issue is not in the rate increase itself, but in the many other factors affecting the consumer and their issuing banks.

We’ve run similar numbers for more than a year, but they bear repeating.  Rapid growth brings higher risk.

Amen.

Overview by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

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