Credit Card Interests Rates Could Rise Before the Holidays

Experts say rates could rise higher than the average 18 percent if the Federal Reserve raises interest rates in December.
1:18 | 11/18/16

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Transcript for Credit Card Interests Rates Could Rise Before the Holidays
Next tonight to your money here. Interest rates poised to go up, that means credit card interest rate will go up, too. Just as millions of Americans are set to spend this holiday. Gio Benitez, tracking your money. Reporter: 'Tis the season for heavy spending. And many of us will be paying with plastic. Yes, you try to pay it off. But do you actually get to pay it all off? Not really. The Christmas gift that keeps on giving. Yes. Reporter: Last year, Americans charging close to $1,000 on their credit cards around the holidays. But this year, interest rates on credit cards, already averaging over 18%. Set to edge higher if the federal reserve raises interest rates next month. If you're the type of person that wants to pay for Christmas on your credit card and you don't pay off that balance you're going to have this holiday hangover, potentially owing a lot more. Where are. Reporter: Here's what experts suggest. Look for 0% apr for the longest possible term. Shop around for cards with both low interest rates and rewards. And finally, double-check those store credit cards. Some carry higher rates. On average, 23%. And David, many believe the rate will keep rising in 2017. This, as experts tell us credit card debt from this holiday season will be the most expensive since 2009.

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