Deep subprime borrowers incur $1,599 more interest on the average credit card balance than super-prime borrowers — Here's why.
Editor's Note: APYs listed in this article are up-to-date as of the time of publication. They may fluctuate as the Fed rate changes. CNBC will update as changes are made public.
Credit scores provide lenders with a snapshot of your financial history, helping them determine the likelihood you are to repay loans. The risk level you fall into influences the interest rates you receive on financial products, from credit cards to mortgages. The greater risk you pose, the higher interest rate you receive, which can make for substantial interest charges over the life of a loan. Deep subprime borrowers, considered the most risky, can incur interest charges that are more than double the amount of super-prime borrowers when assuming the average credit card balance ofBelow, we break down the average interest rate for each credit risk category and take a look at how much interest you can incur on credit card debt.
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