I'm Doug Whiteman with your weekly look at credit card rates. The average annual percentage rate for variable-rate credit cards fell 1 basis point to 15.35 percent this week, according to Bankrate's latest survey of interest rates. A basis point is one-hundredth of 1 percentage point. Fixed-rate cards held steady at 13.02 percent, where the average has stood since mid-February.
Young people get a bad rap when it comes to credit worthiness. A recent study by the Federal Reserve Bank of Richmond found that consumers under age 21 were substantially less likely to be seriously delinquent on their credit card bills versus older credit card holders. Young consumers who got a credit card earlier in life were more likely to buy a home earlier and less likely to have a serious delinquency later in life, according to the study. Young or old, good credit or bad, it's always important to shop around for the best rates. You can do so using the free search engine on Bankrate.com. I'm Doug Whiteman.
The average rate for variable-rate credit cards fell 1 basis point.
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A little research could save you BIG on interest.