From Quartz.

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U.S. credit card rates reached record highs, raising borrowing costs and access concerns. Current credit card rates average 20.97% overall with 22.30% APRs on balances, as APRs track the prime rate that peaked at 8.5% in 2023 and stands at 6.75%, according to Jason Steele. A proposed one-year 10% rate cap is cited as potential relief, but banks warn it could cut rewards on rewards credit cards, limit credit for up to 159 million users, and reduce 0% balance transfer offers. JPMorgan CFO Jeremy Barnum cautioned on access risks. Experts outline alternatives, including low-APR cards, credit unions, personal loans, and paying balances in full. #creditcards #interestrates #financialadvice #usdebt #apr

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