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The national average rate for checking, savings and other deposit products has dropped below 1 percent for the first time in at least a decade, according to an analysis released Monday by Market Rates Insight.
The survey also includes money-market accounts and certificates of deposit.
In July 2010, the national average rate was 0.99 percent, Market Rates found. The closest dip in deposit rates occurred in January 2004, when the national average rate was 1.88 percent. Get the full story »
Paying down credit-card debt appears to be on the upswing.
Consumers cut their outstanding revolving debt -– overwhelmingly credit cards -– by an annualized, seasonally adjusted rate of 10.5 percent in May, the Federal Reserve reported Thursday. That’s on the heels of an 11.8 percent drop in April. Revolving credit is a line of credit allowing consumers to pay all or part of an outstanding balance, and, as the balance is paid, it becomes available to spend again as credit. Get the full story »
