You know how much I hate credit card debt, given the astronomical interest rates you are stuck paying. Although the average is around 14 percent, I know plenty of you pay more than 20 percent interest. And next year could be even more expensive for anyone carrying credit card debt.
As you better know by now, the interest you are charged on an unpaid credit card balance is tied to any movement in whatever benchmark index or rate the card issuer uses. Many credit cards use the prime rate (the lowest rate of interest at which banks lend money) as their benchmark. Since December 2008, the prime rate has been stuck at 3.25 percent.
That's all about to change.
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