Credit Card Rates are Creeping Up

Written by Reed Tinsley | September 14, 2005

Credit Card Interest Rates on the Rise: Key Insights and Financial Planning Tips

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.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.

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