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Average Credit Card Interest Rates

High Credit Card Interest Rates?

Credit card companies are notorious for advertising low introductory interest rate as a tool to get you hooked. What they don’t advertise in huge print is the percentage rate that your card will move to after the introductory period is over or, even worse, what your rate could jump to if you make a late payment.

In this recent article in Value Penguin, they have outlined the most popular credit cards interest rates as well as the penalty rate. As this article points out, the penalty rate of most cards is 7-8% higher than the worst rate on an average card. This jump in interest can lead to huge balance increases over time.

This article can be a great tool to use as a guide to which cards may be best suited for you. If you have already taken the plunge and have ended up with an enormous interest rate on a card with a huge balance, you may already be in too deep. If you are having trouble managing your credit card payments each month, debt settlement may be a great option for you. A qualified debt settlement attorney can negotiate for large reductions in the total amount that you owe without the need for bankruptcy. Look for an experienced credit card debt settlement attorney in your area that focuses their practice in this area.  Hiring an attorney that handles thousands of these types of cases will likely ensure the best result possible under your facts and circumstances.

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.