What is a good apr for a credit card

It is so easy to use credit cards that many people charge without much thought. Then, suddenly, the card is maxed out and even paying minimum monthly payments doesn’t make a dent in the balance.

The biggest cost of a credit card is the interest rate tagged onto your spending when you don’t pay on time.

It adds up quickly and over time, you end up paying much more than what you originally charged.

Credit card companies charge an interest fee at the end of the month, but knowing when interest is charged — usually daily — is a big step toward cutting the costs of your credit cards.

Yet many consumers let those balances go largely untouched not just for days, but for months and even years.

Credit card balances in America are at $1.14 trillion, with an average interest rate of more than 22%.

What is a high apr for a credit card

That means American consumers are paying billions in interest on unpaid balances. The delinquency rate – people who are not making payments on time or at all – is around 9%. Maybe you’re part of that number.

Once you know when interest is char

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