Americans paid over $100 billion in credit-card interest in 2017—and they’ll pay even more this year

All those interest payments add up.

Americans paid banks some $104 billion in credit-card interest and fees in the last year, up 11% on the year and 35% over the last five years, according to the personal-finance website MagnifyMoney, which analyzed data from the Federal Deposit Insurance Corporation (FDIC) through March 2018.

The bad news: That number will likely only rise this year. The Federal Reserve has forecast four interest rate hikes (one every three months) in 2018. The Fed has increased interest rates twice this year to between 1.75% and 2% and has penciled in two more quarter-point moves.

When…

Read The Full Article Here

What do you think?

0 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%