I've been carrying a balance on my credit card for the past few months and the interest rates seem crazy compared to what they were a couple years ago. Is this normal or am I just noticing it now? Should I be looking into other options like consolidation loans?
Credit card rates aren't actually at historic highs right now - they're high *compared to the super-low rates we saw a few years back*, which is the real shift you're noticing. Federal interest rates climbed through 2022-2023 and cards followed suit, so yeah, you're not imagining it, but this is more about the baseline moving up across the whole economy rather than credit cards specifically getting worse.
Whether consolidation makes sense depends on a few things - what's your current card rate, and have you looked at what a personal loan or balance transfer card would actually cost you? Sometimes the math works out, sometimes you're just shuffling debt around and paying fees for the privilege. If you're stuck carrying a balance for months, that's worth exploring though.
Log into answer.
