New Credit Card Offers Lodge at 15% Interest Rate for Five Weeks

by San Antonio Attorney

The 15% interest rate on new credit card offers has not change, according to Weekly Credit Card Rate Report.

This is the fifth week that the country’s average annual percentage rate on credit card offers stayed at 15%. Additionally, the average rates have remained just over 14.96 percent for 13 straight weeks.

Not one of the credit cards showed changes of rates this week. Since the start of the year, new card offers have stayed the same for 28 weeks out of 42. Over the past couple of years, credit card companies have mostly abstained from making major changes to the interest rates.

According to experts, the fragile economy and people’s reluctance to have quite a lot of debt until they reduce what they have incurred is creating an unclear atmosphere for credit card providers. Card issuers are probably going to be aggressive in pursuing new customers until the country’s economy gets better.

One good thing though is that there are has been a continuous decrease in the number of credit cardholders who are unable to make timely payments. The slight decline started a few years ago.

The decline of delinquent payments makes it better for card issuers to have an assurance that a good number of current and new credit card clients are financially stable enough to cover even just the minimum payments, in spite of current economic condition.

In September, that trend did not continue when 5 out of 7 big credit card providers found an increase of delayed payments, based on many reports.

Out of the six major credit card issuers, Bank of America, Chase, Discover, Capital One, American Express and Citi, the only issuer to find delinquency rates drop is Citi. Then again, all of the six banks have experienced huge declines in the number of delinquent credit card holders since the same time last year.

 

–  Credit card debt can be partially or completely eliminated in bankruptcy, depending on the bankruptcy case you filed. Ask a San Antonio Lawyer how you can use the bankruptcy process to eliminate your credit card debt.

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