Digital News Report – Now that the holiday season is winding down Americans are looking for ways to make ends meet.
A report issued by the Federal Reserve indicates that revolving credit was declining while non-revolving credit was increasing. The revolving credit includes credits cards while non-revolving credit does not include mortgages. The typical non-revolving loan was a personal loan.
Rates will vary depending on the lending institution, the location and credit history of the borrower and the loan amount. Many banks will publish their lowest rate for customers with a excellent credit score. Others will provide a credit range depending on the score of the borrower.
Lenders will also provide lower interest rates for secured loans. Some recommend refinancing a vehicle to acquire a lower rate.
HSBC had a rate of 9.69%. The bank provided a range. The low end of the spectrum was 6.99% while the high end was 12.39%.
Chase had a starting rate of 4.79%.
Union Bank had a rate of 9%. Depending on several variables, that rate could be as high as 19.158%.
Harris Bank had a starting rate of 5.5%.
By Tina Brown