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Credit Card Rates still a little more than 14%

Facts and advice

Credit Card Debt

Edwardsville, IL (Vocus) 12 October 2010

Vicki Rolen, Director General of the Association of American consumers (FACT), reported that the prices of credit card, and held national average at 14.15%.

â? There isa? she said, â? significant variance in rates, with the station you choose, this type of card you have and your credit card rating.â p> ???? Rolen said that some cards with low interest rates to people with good credit can be below 12%, while the cards or instant approval cards for people with bad credit can vary from about 16% to 21%.

possible? more? High interest rates, she added, may be a decline in consumer use.â? According to the Federal Reserve, the plains are covered the use of credit cards. Presumably at least part of the reason is the great interest that the consumer pay.â p> ???? How harmful

is a high interest rate to a consumer? Household? Rolen is an example :? ??? Â Let’s say you have 000 of the credit card debt, your interest rate is 14.15%, cancel the card today and paid one months ????. You have almost 11 years – to 130 months to be exact! – To pay your balance. Worse> …

If you can only afford one month, then you can not undo the balance -???????? Your payments wonâ t be enough to cover the accrued interest.â ????

coverage

What if youâ? back to a credit card ????> holeâ ?????

A common solution is to pay to take a bill consolidation or home equity loan expensive credit card.

â? Another idea? Rolen said â? is to collect all the cards and a list, including what you owe, the interest rate and the phone number for each card. Call each company and request a lower interest rate by a supervisor if the agent answers your call donâ? T useful.

â? Then transfer your balance on the card or cards with the highest rates in the card or cards with the lowest rates. You could even check which ????> for a new credit card if it offers 0% on balance transfers and credit card companies donâ T.â this ????

Rolen said that this was not in the business of providing financial advice. â? We try to get money to report problems and suggest solutions, but we urge consumers to rely on help from professionals in the concept of financial needs or problems, or looking encounter.â p> can ???? newsletter has been issued by the Federation of American Consumers and Travelers (FACT), a consumer organization formed under the not-for-profit organization laws of the District of Columbia in 1984.

event serves more than 1 million consumers nationwide. For more information on the fact can in the Encyclopedia of Associations, and by visiting the website of the Association are found (www.usafact.org).

informative, unbiased news programs regularly broadcast help of FACT, its members remain current issues seriously jeopardize their lives. The association does not support – and do not receive benefits – any political party or movement. In addition to the publication of reports in relation to consumption, the association provides benefits for more than 30 members of medical and dental savings discounts for prescription drugs and scholarships. FACTA? S office is located at 318 Hillsboro Avenue, Edwardsville, IL 62025th


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