Credit card rates at record high

The Federal Reserve’s war on inflation has driven up credit card rates to the highest level on record.

CNN—The Federal Reserve’s war on inflation has driven up credit card rates to the highest level on record.

According to the website bankrate.com, the average credit card annual percentage rate climbed to 19.04% as of November 9.

That’s the highest since the service’s database began in 1985 and beats the prior record of 19% set in July 1991.

The national average APR for credit cards has climbed by 2.74 percentage points so far this year.

That’s the biggest increase in a single year on record.

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