Key Findings ; The average credit card debt per capita was $3,950 in Q4 of 2023, $618 more than Q4 2022. ; Baby boomers (aged 65 – 74) had an average of $7,720 in credit card debt — the most of any generation. ; Although Washington, D.C., had the highest average credit card debt per capita of $5,190, Alaska was not far behind at $4,980. ; The average credit card APR was 22.8% in 2023.
The average credit card balance rose by nearly 5% in the 2nd quarter of 2024 compared to the same period last year. Here's one way to tackle credit card debt.
Unlock the mystery behind credit score calculation in 2024. This guide breaks down the factors that impact your credit score, offering insights into improving financial health and securing better c...
Key Takeaways The average outstanding balance refers to the unpaid portion of any term, installment, revolving, or credit card debt on which interest is charged over some period of time....
It’s a good thing to know how credit card interest works. Once you know how it’s calculated, you can make better decisions with your own credit cards and save money.
The latter choice will give you a longer stretch to tackle a balance but it will add interest fees, according to the annual percentage rate (APR), on top of what you already owe. Your interest rate on a credit card is typically expressed as an annual percentage rate (APR) and reflects how much interest you’ll pay on your card when you carry a balance. You can find your credit card’s interest rate in the ter ...
Our guide to calculating credit card interest shows you the impact of interest on your debt so you can manage and plan your payments more effectively.
Find out how to calculate credit card interest with our credit card interest calculator and learn how credit card companies really charge interest on a balance.
The average credit card interest rate is 28.70%, according to Forbes Advisor’s weekly credit card rates report.
Understanding how credit card interest works is key for healthy and secure management of credit cards. Learn all about credit card interest in this article.