Credit card rates are rising: Here’s what you should know

THE WESTBOUND LANES BETWEEN DUCK LAKE ROAD TO MILL FORD ROAD LAKE ROAD TO MILL FORD ROAD

>>> THANK YOU >>> THANK YOU 6:49, EVERYBODY 6:49, EVERYBODY SEEMS LIKE EVERYTHING IS GOING SEEMS LIKE EVERYTHING IS GOING UP IN IN PRICE THESE DAYS

UP IN IN PRICE THESE DAYS >> YES AND THAT INCLUDES >> YES AND THAT INCLUDES INTEREST RATES INTEREST RATES ONE RATE HIKE IS HAVING A BIG ONE RATE HIKE IS HAVING A BIG IMPACT ON EVERYBODY'S LIVES IMPACT ON EVERYBODY'S LIVES

>> TLGS BEEN A LOT OF TALK ABOUT >> TLGS BEEN A LOT OF TALK ABOUT INTEREST RATES LATELY MAINLY INTEREST RATES LATELY MAINLY BECAUSE OF MORTGAGE RATES BECAUSE OF MORTGAGE RATES HOVERING AT AROUND 5% HOVERING AT AROUND 5% GOAL ALSO PAY ATTENTION TO YOUR GOAL ALSO PAY ATTENTION TO YOUR CREDIT CARD CREDIT CARD IT COULD COST YOU

IT COULD COST YOU >> WHAT'S IN YOUR WALLET? >> WHAT'S IN YOUR WALLET? >> THAT'S A GREAT QUESTION RIGHT >> THAT'S A GREAT QUESTION RIGHT NOW BECAUSE THERE ARE MORE NOW BECAUSE THERE ARE MORE CREDIT CARD ACCOUNTS IN THE US CREDIT CARD ACCOUNTS IN THE US THAN PEOPLE THAN PEOPLE WITH THE AVERAGE AMERICAN WITH THE AVERAGE AMERICAN CARRYING 26 CREDIT CARDS NOW CARRYING 2

6 CREDIT CARDS NOW THE COST OF CARRYING A CREDIT THE COST OF CARRYING TO CREDIT CARD IS GOING UP CARD IS GOING UP >> RIGHT NOW THE NATIONAL >> RIGHT NOW THE NATIONAL AVERAGE CREDIT CARD RATE IS AVERAGE CREDIT CARD RATE IS ABOUT 17% ABOUT 17% THAT'S UP FROM ABOUT 16% AT YEAR THAT'S UP FROM ABOUT 16% TO YEAR AGO AND ABOUT 15% TWO YEARS AGO

AGO AND ABOUT 15% TWO YEARS AGO >> TED ROSSMAN AN ANALYST WITH >> TED ROSSMAN ANALYST WITH CREDIT CARDSCOM SAYS THE CREDIT CARDSCOM SAYS FENERAL RESERVE HAS BEEN RAISING FEDERAL RESERVE HAS BEEN RAISING RATES FOR A FEW YEARS NOW AND RATES FOR A FEW YEARS NOW AND CREDIT CARD COMPANIES ARE NOW CREDIT CARD COMPANIES ARE NOW JUST CATCHING UP JUST CATCHING UP

>> IT'S HAPPENING FOR A GOOD >> IT'S HAPPENING FOR A GOOD REASON BECAUSE THE ECONOMY IS REASON BECAUSE THE ECONOMY IS DOING BETTER GOAL STILL THAT'S DOING BETTER BUT STILL THAT'S COLD COMFORT TO SOMEBODY PAYING COLD COMFORT TO SOMEBODY PAYING 17% ON A CREDIT CARD 17% ON A CREDIT CARD >> HE SAYS RISING INTEREST RATES >> HE SAYS RISING INTEREST RATES MAKE IT MORE IMPORTANT THAN EVER MAKE IT MORE IMPORTANT THAN EVER BEFORE TO PAY CREDIT CARD BILLS BEFORE TO PAY CREDIT CARD ON TIME BILLS ON TIME ESPECIALLY THE ONES WITH ESPECIALLY THE ONES WITH GENEROUS REWARD PROGRAMS

GENEROUS REWARD PROGRAMS >> GOAL ONLY IF YOU YOU PAY THESE >> GOAL ONLY IF YOU ARE PAY THESE BILL ACE IN FULL OTHERWISE BILL ACE IN OTHERWISE FULL INTEREST WILL COMPLETELY WIPE INTEREST WILL COMPLETELY WIPE OUT REWARDS OUT REWARDS >> IN ADDITION AVOID ALL CASH >> IN ADDITION AVOID ALL CASH ADVANCES ADVANCES

THEY'RE BAD NEWS AND IF YOU THEY'RE BAD NEWS AND IF YOU DO A BALANCE TRANSFER TO ANOTHER BALANCE TRANSFER TO ANOTHER CREDIT CARD FIND TO CARD THAT CREDIT CARD FIND A CARD THAT DOES NOT CHARGE YOU A BIG FEE DOES NOT CHARGE YOU TO BIG FEE WHICH ARE ALSO RISING WITH WHICH ARE ALSO RISING WITH INTEREST RATES INTEREST RATES >> WE HAVE MORE FINANCIAL ADVICE >> WE HAVE MORE FINANCIAL ADVICE FROM THE EXPERTS EVERYTHING YOU FROM THE EXPERTS EVERYTHING YOU NEED TO KNOW ON THE HELP ME HANK NEED TO KNOW ON THE HELP ME HANK AT CLICK PAGE ON DETROIT

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