will my credit card interest rates go up or down in a recession?
my credit is FAIR according to credit karma
my understanding is fair means neither good or bad just in the middle
- ErikLv 79 months ago
Well, if your APR is connected to the prime rate, as almost all of them are, it should go down. Remember how low they were when Obama was in office? That was to help with the recovery. Since then they've raised it what, eight times?
- 9 months ago
The answer is that interest rates almost never rise during an economic recession. When a slowdown hits, the Federal Reserve prefers rates to be low. And it can be explained: low-interest rates encourage borrowing and spending, which stimulates the economy. So it doesn't matter what credit score you have. Your interested rates will fall in tandem with the economy.
- Anonymous9 months ago
You have bad credit, remember? Someone with great credit its unlikely but could go down 1-2%. For you, NOT AT ALL.
FAIR is a nice way of saying BAD.
- JudyLv 79 months ago
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- A HunchLv 79 months ago
It will likely be unaffected by the national economy.