Seniors with credit card debt could be worse off in 2022

senior credit card debt federal reserve interest rates 2022

Why seniors with credit card debt could be worse off in 2022

“The Federal Reserve just gave consumers with revolving credit card balances their top New Year’s resolution: Dump that debt ASAP..” So begins a December 17th column in The Washington Post. The question is how do older Americans, especially retirees, dump their credit card debt? Credit card issuers typically base their APR or annual percentage rate on the U.S. prime rate plus a hefty margin to account for credit risk and profit. CreditCards-com reports the average interest rate charged today is 16.13%. Of course, there are cards with much higher rates, some as high as a 24% APR.

So how many seniors are carrying credit card debt? Forbes cites Federal Reserve data revealing…

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