Are credit card interest rates really that high?
Australian households’ credit card debt totals $51 billion with $33.4 billion of that debt accruing interest. If you paying interest on your debt you need to ensure that you are getting a good deal because credit card rates do not come down easily.
In 1990, the average standard credit card rate was 22.7 per cent and the RBA interest rate was 17.5 per cent. Now the average standard credit card rate is 19.75 per cent and the RBA official interest rate is 2 per cent.
Source: Adelaide Advertiser