Credit Card Debt Gets a Lot More Expensive

If you’re planning to do your holiday shopping with a merchant-sponsored credit card, you may be looking at high costs if you carry a balance.

Retail credit cards had an average annual percentage rate (APR) of 26.72% in November, up from 24.35% a year ago, according to a survey by Creditcards.com, an information service.

The latest figure represents a record going back to 2008, when Creditcards.com began tracking the data. Of course, general interest rates were higher before the 2008 financial crisis. So APRs were even higher then.



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