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Lending Rate Increases at Major Banks to Impact Credit Card Rates

by Peter Andrew

Lending

Rate Increases at Major Banks to Impact Credit Card Rates

Ever

wonder why the media is so infatuated with Federal Reserve Chairman

Alan Greenspan? It's because his pronouncements affect the interest

rates that millions of Americans pay on their debt, including

credit card debt.

The

quarter-point increase Greenspan announced this week prompted

several major banks, including Citi, HSBC, U.S. Bank and Wachovia

to increase their base lending rates from 6.50% to 6.75%. Because

most credit cards offer variable rates, most cardholders will

see that quarter-point increase on the interest rate they pay

on their credit card balances. If you're rate is 11.49% today,

expect it to jump to 11.75% before the week is out.

Published 09/21/05 (Modified 05/07/12)


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