What is the default rate of credit cards?

Answer Default occurs when a credit card holders fails to make payments according to the cardholder agreement. Consumers have defaulted on credit cards at record levels in 2009. Default rates vary by co... Read More »

Top Q&A For: What is the default rate of credit cards

How many people default on their credit cards?

About 8 percent of Americans with credit cards, or about 15 million, default on their credit cards each year, according to a March 16, 2009, article by Reuters.SourceReuters news service

Do all credit cards have a variable APR rate?

While it seems like most credit cards have a variable APR, this does not always hold true; however, variable APRs are the most popular type of interest rate for credit cards.IdentificationNot all c... Read More »

What does variable rate on credit cards mean?

A variable rate on a credit card means that the interest rate tied to the credit card balance is subject to change on a preset basis, based on market conditions. This means that the interest rate c... Read More »

What Is the Prime Interest Rate on Credit Cards?

Prime interest rate is a term used to describe a common index that many different lenders, such as banks, use to make their decisions. This rate does not affect every decision, but it does cause fa... Read More »