What is APR? Understand the Cost of Loans and Credit Cards — Debt.com

Money in a Minute: What is APR? What is annual percentage rate? Simple, it’s what you pay your lenders to borrow their money. It can be a little or a lot. For instance, mortgage rates average around 4 percent, while credit cards average around 18 percent How can credit card interest rate hurt me? If you carry a balance each month, you’re literally giving away your money…