The government may have lost a month of inflation data, but don’t expect your credit card’s annual percentage rate to decline because of it.
Your holiday credit-card bills are going up. What you can do to ease the pain.
In short
Borrowers should not anticipate any immediate reductions in their card annual percentage rates. Even though the government may have lost a month of inflation data, borrowing costs remain sustained at their current levels. Consequently, consumers are continuing to see their seasonal card balances grow larger. These persistent rates ensure that managing debt remains costly throughout the holiday period.
Key points
- Consumers should prepare for their holiday credit card expenses to keep rising.: Consumers should prepare for their holiday credit card expenses to keep rising.
- Rate relief will not occur despite the potential loss of official inflation tracking.: Rate relief will not occur despite the potential loss of official inflation tracking.
- Borrowers must manage their card debt without relying on any near-term rate drops.: Borrowers must manage their card debt without relying on any near-term rate drops.