A $1,000 Credit Card bill can Sock you with $775 of Interest

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

According to a Creditcards.com survey, retail credit card information services posted an annual percentage rate (APR) of 26.72% in November, up from 24.35% a year ago.

The latest number is a record that goes back to 2008, when Creditcards.com began tracking the data. Of course, general interest rates were higher before the 2008 financial crisis. So the APR was probably higher then as well.


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