When it comes to credit cards, a portion of the debt any family carries is due to the interest rates on those cards. For Florida families, credit card bills may be difficult to keep up with, and the interest rates play a major role in how long those cards may take to pay off. It may surprise some to learn that credit bills may rise soon as federal influences can lead to higher rates.
It is reported that the average interest rate on credit cards is about 14 percent. Some cards are over 20 percent, which can add significantly to the balance over time. The prime rate for credit cards is linked to the federal funds rate, which is essentially controlled by the Federal Reserve. That rate is set to go up in 2015.