Record-high credit card interest rates cost consumers $25 bi

The average annual percentage rate (APR) on credit cards nearly doubled to 22.8 percent in 2023 from 12.9 percent in 2013, costing consumers around $25 billion in interest fees last year, according to an analysis by the Consumer Financial Protection Bureau (CFPB). The average APR hit the highest level on record at the end of…

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