
Nearly half of Americans don't know their credit card APR. Here's why that can cost you.
CBSN
Almost half of Americans don't know how much their credit card debt could be costing them, a new survey shows.
That's because more than 47% of Americans say they don't know their current credit card annual percentage rate (APR), which is its effective yearly interest rate, according to LendingClub, a financial services company. Being in the dark on how much interest your issuer charges can be costly, particularly if you carry a balance from month to month.
A credit card's APR determines the cost of borrowing money, and only comes into play when a cardholder doesn't pay off their bill in full each month by determining how much interest they'll pay on the balance. Consumers collectively owe a record $1.14 trillion in credit card debt, while APRs have jumped due to the Federal Reserve's flurry of interest rate hikes, which have pushed rates to their highest point in 23 years.

Robert Morris, founding pastor of Gateway Church, a megachurch in Southlake, Texas, has been indicted on five counts of lewd or indecent acts with a child, stemming from alleged incidents dating back to the 1980s, the Oklahoma attorney general's office announced Wednesday. We are aware of the actions being taken by the legal authorities in Oklahoma and are grateful for the work of the justice system in holding abusers accountable for their actions. We continue to pray for Cindy Clemishire and her family, for the members and staff of Gateway Church, and for all of those impacted by this terrible situation.