Rates remain at 15.03 percent for 4th week
|CreditCards.com's Weekly Rate Report
||6 months ago
|Methodology: The national average credit card APR is comprised of 100 of the most popular credit cards in the country, including cards from dozens of leading U.S. issuers and representing every card category listed above. Introductory, or teaser, rates are not included in the calculation.
|Updated: July 30, 2014
rates on new credit card offers remained untouched this week, according to the
CreditCards.com Weekly Credit Card Rate Report.
the issuers tracked by CreditCards.com amended credit card terms. As a result,
the national average annual percentage rate (APR) held steady at 15.03 percent
Wednesday for the fourth consecutive week.
left promotional rates -- including interest-free balance transfers -- alone
this week as well.
rarely modify interest rates these days. When they do, they usually change just
a handful of cards. As a result, average card rates have hardly budged since
example, the national average began the year at 15.06 percent and then dropped
to 15 percent at the end of January. Since then, rates have inched up somewhat
-- but not by much. The national average APR for the year is currently 15.02
GDP makes a comeback
economy isn't slowing down after all. According to research released Wednesday by the Commerce
Department, the economy bounced back decisively last quarter, expanding by 4 percent after retracting
earlier this year.
first quarter's economic slump -- which economists widely agree was driven, in
part, by an unusually cold winter -- was softer than previously estimated, said
the Commerce Department. Gross domestic product fell by a revised 2.1 percent
in the first quarter, down from a previously estimated 2.9 percent.
quarter's bump in economic output was partially driven by heavier
spending. Consumer spending expanded by
2.5 percent last spring after rising by just 1.2 percent earlier this year.
were especially eager to buy new durable goods, such as washing machines and
cars, last quarter. Durable goods purchases surged 14 percent between April and
June. Consumers also spent more on
nondurable goods, such as food and gas, and spent slightly more on services.
the same period, those consumer goods became somewhat more expensive. The price
index for gross domestic purchases rose by approximately 1.9 percent in the
first quarter after picking up by 1.4 percent between January and March.
Employment also rises
sector employers are also helping drive the economy's expansion this year by
investing more robustly in new workers.
to new figures, released Wednesday by the payroll processor ADP, private sector
employers created approximately 218,000 new jobs this month. In June, ADP
estimated that private sector employers added approximately 281,000 new jobs to
down from June, the July jobs number marks the fourth straight month of
employment gains above 200,000," said ADP's Carlos Rodriguez in a press release.
sector provided the bulk of this month's job gains. Employers in service
providing industries added approximately 202,000 new jobs to the U.S. economy
while employers in goods-producing industries added just 16,000 new jobs.
Experts say that if
employers keep hiring at a relatively strong pace, the U.S. economy should grow
substantially over the next two years. "At the current pace of job growth,
unemployment will quickly decline," said Moody Analytics' chief economist
Mark Zandi in the ADP release. "Layoffs are still receding and hiring and
job openings are picking up. If current trends continue, the economy will
return to full employment by late 2016."
See related: How America pays: Fed study paints big picture of card trends.
Published: July 30, 2014