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will my credit card interest rates go up or down in a recession?

Update:

my credit is FAIR according to credit karma

Update 2:

my understanding is fair means neither good or bad just in the middle

5 Answers

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  • Erik
    Lv 7
    9 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?

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  • 9 months ago

    Hello Ron,

    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.

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  • Anonymous
    9 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.

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  • Judy
    Lv 7
    9 months ago

    probably neither

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  • 9 months ago

    It will likely be unaffected by the national economy.

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