Credit Card Rates are a Bloody Mess! Even the Fed Can't Save You!

This Economy is so Raw It's Still Mooin'!

Right let's get one thing straight. These credit card companies? They're running a flipping circus and you my friend are the clown if you're not paying attention. Even with the Federal Reserve taking a breather these interest rates are climbing faster than I can shout at a donkey! We're talking about annual percentage rates (APRs) soaring higher than my bloody souffle – over 20% on average and a whopping 24.3% for new cards! Are you having a laugh? That's not an interest rate; that's daylight robbery!

Crippling Rates? More Like Financially Castrating!

Some bloke named Clifford Cornell a 'certified financial planner' – whatever that is – says these rates are 'crippling.' Crippling? They're financially castrating you! You're basically throwing money into a black hole. These rates stayed relatively calm after the Credit CARD Act in 2009 but since 2015 they've doubled! Doubled I tell you! It's like these banks are deliberately trying to bleed you dry. And don't even get me started on how they spiked again when the Fed started hiking rates in 2022. It's a complete and utter disgrace!

Banks Protecting Themselves? What About Protecting YOU You Donkey!

Apparently card issuers are 'mitigating their exposure' because they're worried you might not pay them back. As if they care about anything other than their bottom line! Matt Schulz some 'chief credit analyst,' says it's a sign of banks protecting themselves. Well what about protecting you you donkey?! And then there's Charlie Wise who says uncertainty in the market makes people want to open more credit. So in short they are blaming you for their actions. It's a vicious cycle and frankly it's disgusting.

Sky High Interest? More Like Highway Robbery!

The only people who truly feel the sting of these ridiculous APRs are those who carry a balance month to month. Shocker. But even if the Fed eventually cuts rates don't expect a miracle. Some expert said dropping the rate from 22% to 20% isn't a 'material difference.' Seriously? That's like saying a slightly burnt Wellington is still acceptable. It's not! It's still rubbish!

Get Your Bloody Act Together!

Instead of sitting around like a lemon waiting for the Fed take matters into your own hands! Schulz suggests switching to a zero interest balance transfer card or consolidating your debt with a lower rate personal loan. It's simple really. If you have good credit – and if you don't sort it out! – you have more power than you think. Don't just stand there like a useless garnish; do something about it!

Pay on Time or Get Out of My Kitchen!

Here's the secret and listen up because I'm only going to say it once: Pay your balances in full and on time. Keep your utilization rate below 30%. Then and only then can you actually benefit from those so called rewards and build a decent credit score. And a good credit score means lower cost loans and better terms down the line. It's not rocket science is it? Now get out there and sort your bloody finances out before I lose my rag!