After peaking at well over 15% following the holiday shopping season, credit card interest rates have plummeted back to averages not seen since August. Now standing at 14.96%, averages have seen a .18% drop over the past week and a half. And if history is any indication, This drop will continue through the winter months and into spring.
This after 2011 saw consistent increases since the June average of 14.83% and having seen March lows of 14.66%, only to climb in April to 14.67% and then to the highest figure of the year in December of 15.14%. With the APR average for average credit card consumers dropping, so too have segment based cards. Low interest annual percentage rates dropped marginally to 10.40%; business card rates averages held steady at 13.13%; student cards APRs are 13.77%; while even bad credit consumer cards got a break this month, slipping from 24.96% to 23.41%.
