![]() In some cases, even people with good credit are being rejected for auto loans. Used vehicle prices have jumped by even more: The average one now costs nearly $30,000, a stinging 45% above what it was before the pandemic. The average price paid for a new vehicle last month was nearly $48,000 - about 25% above the pre-pandemic average. Many people were already having trouble affording new vehicles before Wednesday’s quarter-point Fed hike. “It is well worth your time to make that call,” Schulz said. The average reduction was significant - 6 percentage points. LendingTree recently concluded that a majority of cardholders who had asked their card issuers for a lower rate received one. ![]() Whenever possible, Schulz recommends that card users consider asking their issuers to lower their APR. The average APR on a new credit card offer is 24.24%, the highest rate since LendingTree began tracking it in 2019. That’s up about 6 percentage points from the average rate in the first quarter of 2022. The average Annual Percentage Rate (APR) on a currently held credit card that charges interest is 22.16%, according to the latest data from the Fed. “Perhaps the scariest thing of all for folks with credit card debt is that interest rates are actually rising more quickly than the Fed is forcing them to.” “No one should expect them to stop rising anytime soon,” said Matt Schulz, chief credit analyst of LendingTree.
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