Credit card rates hit record high as Federal Reserve fights inflation

(CNN NEWSOURCE) — The Federal Reserve’s war on inflation has driven up credit card rates to the highest level on record.

According to bankrate.com, the average credit card annual percentage rate climbed to 19.04 percent as of Nov. 9.

That’s the highest since the service’s database began in 1985.

It beats the prior record of 19 percent set in July 1991.

The national average APR for credit cards has climbed by 2.74 percentage points so far this year.

That’s the biggest increase in a single year on record.