After peaking at well over 15% following the holiday shopping season, credit card interest rates have plummeted back to averages not seen since May. Now standing at 14.87%, averages have seen a .26% drop over the past month. And if history is any indication, this drop will continue well into spring. Already, from the December peak of 15.14%, the average posted lows of 14.91% in February and 14.95% in January.
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 bad credit consumer held steady at 23.41%.
