Five Possible Answers To “Why Did My Credit Card APR Go Up?”
PHOENIX--(BUSINESS WIRE)--Jul 9, 2019--
A credit card’s annual percentage rate (APR) is a crucial detail for credit card holders to understand. That’s because, if you carry a debt on your card from month-to-month, your APR determines how much interest you pay on purchases. A low APR is ideal – but it can increase seemingly out of the blue.
“There are several factors that impact your APR,” said Michael Sullivan, a personal financial consultant with Take Charge America, a national nonprofit credit counseling and debt management agency. “Some of these factors might be influenced by card holder behaviors, while others aren’t. It’s important to understand the terms surrounding your APR so you’re not surprised by fees down the road, long after you’ve opened new credit.”
Sullivan points out five common reasons for an APR increase.
The best way to prevent an expensive hike in APR is by paying off the full balance when it’s due to avoid carrying a debt from month-to-month.
About Take Charge America, Inc.
Founded in 1987, Take Charge America, Inc. is a nonprofit agency offering financial education and counseling services including credit counseling, debt management, student loan counseling, housing counseling and bankruptcy counseling. It has helped nearly 2 million consumers nationwide manage their personal finances and debts. To learn more, visit www.takechargeamerica.org or call (888) 822-9193.
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CONTACT: Taylor Holmes
KEYWORD: UNITED STATES NORTH AMERICA ARIZONA
INDUSTRY KEYWORD: MEN FAMILY CONSUMER FINANCE CONSULTING OTHER EDUCATION PROFESSIONAL SERVICES EDUCATION WOMEN SENIORS
SOURCE: Take Charge America, Inc.
Copyright Business Wire 2019.
PUB: 07/09/2019 11:30 AM/DISC: 07/09/2019 11:30 AM