Credit-card users should ‘jump on’ these offers as interest rates hit record highs

Credit-card interest rates are soaring to new highs and, experts say, consumers should start to rethink their debt repayment strategies.

The national average minimum annual percentage rate (APR) for credit cards was 17.07% on Wednesday, up from 17.01% a week earlier, according to a report from CreditCards.com. A year ago, the average minimum interest rate was nearly a full percentage-point lower at 16.15%.

Similarly, the average maximum APR charged by credit-cards issuers is now 24.44%, up from 24.39% last week. The increases are a direct reflection of the Federal Reserve’s move to raise interest rates for the third time this year in late September, said Ted Rossman, industry analyst for CreditCards.com.

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