Here's a look at the state of interest rates on five common consumer banking products and the latest rates from Bankrate.com's weekly national survey of large banks and thrifts conducted July 29, 2009.
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| Interest Rate Roundup |
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Credit cards
Rates: 13.46 percent (standard fixed); 11.16 percent (standard variable)
Average interest rates across all types of credit cards increased this week. The mean APR for fixed-rate cards increased 11 basis points to 12.28 percent and the average variable rate hiked 5 basis points to 11.19 percent.
The average fixed rate for standard cards hasn't budged from 13.46 percent in eight weeks. Standard-variable cards moved 8 basis points to 11.16 percent.
The average credit card debt carried by low-to-middle income indebted households is $9,827, according to a new report released Tuesday from Demos, a New York-based research and policy center. A third of such households used credit cards to pay for basic living expenses, such as rent or groceries, for five months out of the past year. Three out of four households relied on plastic to finance major expenses, such as job loss, auto or home repairs, loans to relatives, or college or business-related costs.
You can find your best credit card deal -- by type -- using Bankrate's interactive tool.
-- Leslie McFadden |
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July 30 - Aug. 5
