Ouch. Interest Rates Keep Rising
These rising interest rates are bad news for those of us hacking away at our credit card debt. A couple of years ago I thought I was safe because my cards had so-called “fixed interest” rates, not variable prime-plus rates most cards are infamous for. Surprise, surprise, when the rates really started to take off my credit cards sent me nice little notes with how much my “fixed” rate was going up. One went from a decent 9.89% to 15.90% and the other from 14.99% to 17.99%! Good Lord. Eventually I’ll be in the position to negotiate these down, but with my current balances they just laugh at me — they know I’m not getting any other offers. Debtors beware the rising rate! Check out the Debt Zapper Calculator at Credit Card Nation to compare what different rates will cost you, or see how fast you can pay down your debt.
Related Posts
- For the Lowest Credit Card Interest Rates, Look to Small Banks
- Despite Fed Decision, Banks Are Moving Interest Rates
- Credit Card Delinquencies Rising: How To Avoid Falling Behind
- Mortgage Rates Briefly Explained
- What Does a Fed Rate Cut Mean for Young Savers and Shoppers?
What's Next?
Reading this site, you're already ahead of most people when it comes to your finances. Why not keep going? Help secure your financial future. Take action today:
- Get help with your debts
- Check your credit report and score, free
- Open a savings account
- Open an individual retirement account (IRA)
- Budget with Quicken
Join the Conversation!
What's your take on this story? Have a related question or comment? Share it now in a comment:
some comments
There are currently 1 of themreply
I'm David, a 20-something ex-financial journalist with a mission: To help you learn about personal finance, take control of your money, and get on with life! More...Take Charge of Your Finances!
Get e-mail updates and a free report: "10 Ways To Improve Your Finances RIGHT NOW". Guaranteed Spam-free. Check it out:
Ask Money Under 30
- Can I claim the $8,000 first-time home buyer tax credit if my name was on the deed, but not the mortgage?
- I’m a 21-year old college student; should I get a credit card to help pay for car repairs?
- Can I use student loan funds to consolidate credit card debt at a lower rate?
- Where should I store a windfall for a few months until I decide how to invest?
- Should I save for retirement or pay down my student loans faster?
Great blog! I really enjoy seeing other bloggers and what they are doing to get out of debt. Welcome to a very supportive community!
I wouldn’t wait to push for a decrease in your interest rates. Simply call your creditor, explain that you get tons of offers for lower rate cards in the mail every week, and if they won’t drop your rate, you will surf the balance to another card, and they won’t see your money ever again. More often than not, they will decrease the rate. Good luck, and report back!