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What is considered high-interest debt


There is no firm definition for what qualifies as a high interest rate. However, some experts define it as any rate above 6 to 8 percent. Many experts define high-interest debt as any debt with a higher rate than what good debt loans offer.

What interest rate is considered too high?

Avoid loans with APRs higher than 10% (if possible)\n\n That is, effectively, borrowing money at a lower rate than you're able to make on that money.

What is the average interest rate on debt?

According to a Bankrate study, the average personal loan interest rate is 10.72 percent as of December 14, 2022. However, the rate you receive could be higher or lower, depending on your unique financial circumstances.

What is the highest interest rate legally?

For loans less than $500,000 the limit is 18% and for loans greater than $500,000 is 25%.

Is 5 a high interest rate?

Right now, good mortgage rates for a 15-year fixed loan generally start in the 5% range, while good rates for a 30-year mortgage generally start in the 6% range. At the time this was written in Nov. 2022, the average 30-year fixed rate was 6.61% according to Freddie Mac's weekly survey.




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