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Average Credit Card Rate Breaks the 16% Barrier
Credit card issuers continue to raise rates on their offers to new customers -- leaving customers who are frustrated by hikes on their current cards with few good options. For the first time since IndexCreditCards.com began tracking rates in 2005, the average credit card rate has broken 16% -- jumping to 16.36% today, from 15.94% at this time last month. This is the latest in a succession of increases that has caused average rates to skyrocket by over two-and-one-half points just since March of this year.
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