Credit Card Rates are Creeping Up

An article in a recent issue of Medical Economics stated that the average interest rate for existing credit card accounts rose to 16.8% in April, 2005, up from 15.6% a year earlier. This information was gathered from cardweb.com, a consumer information company.

Platinum cards, which represent 60% of the US credit card market, carry an average rate of 16%, while Gold cards and standard cards have higher rates - 18.2% and 17.8% respectively.

Planning Note: If you have credit card debt, it is obvious you will make more money by paying off these balances as fast as you can rather than taking the same money and investing it somewhere else.

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