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Credit Card and Debt Statistics Database
by Scott Bilker
Scott Bilker is the author of the best-selling books, Talk Your Way Out of Credit Card Debt, Credit Card and Debt Management, and How to be more Credit Card and Debt Smart. He's also the founder of DebtSmart.com. More about and DebtSmart can be found in the online media kit.
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Income for Credit Card Issuers

Average Variable Rate credit-card rates fell 3.6 percentage points last year, according to BankRate Inc. At the same time, the rate at which issuers borrow, the three-month London interbank rate, fell 4.49 percentage points.

On the $538 billion of US credit-card loans outstanding at the end of 2001, that 0.89 percentage point advantage translated to a $12.8 million rise in daily interest income for issuers in the year.
        Categories:  Credit Card,Income
        Reporting Pub:  Asbury Park Press
        Reporting Date:  2/18/2002
        Article Title:  Banks Reap Windfall from Falling Rates
        Article Author:  Bloomberg News Service
        Pub's Source:  Bankrate Inc.
        Source URL:  View details from source
 

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