ROCHESTER, N.Y. – Retail credit card interest rates have surged recently and are not expected to decrease anytime soon. This increase followed a proposed rule by the Consumer Financial Protection Bureau under the Biden administration to cap credit card late fees at $8. In response, banks raised interest rates and fees.
Banks sued, and last month, a federal judge struck down the rule, allowing banks to charge whatever it wants fir late fees. Despite this victory, major store credit card issuers, Synchrony and Bread Financial, say they have no intentions to lower their rates. These banks issue cards for retailers like Lowe’s, JCPenney, and Amazon. According to Bankrate, the average store credit card interest rate is 30.5%.
Christmas shopping could be more expensive this year. Mattel currently manufactures about 40% of its toys in China. The CEO said while he’s looking to shift production out of China, it’s not likely it will move to the U.S. In response, President Donald Trump said, “That’s okay. Let him go. We’ll put a 100-percent tariff on his toys and he won’t sell one toy in the United States.” The New York Daily News reported that Barbie prices have already increased by 43%.
Krispy Kreme’s plan to sell its donuts at all McDonald’s locations by the end of 2026 is being reassessed. Six months ago, Krispy Kreme donuts were available in about 2,400 McDonald’s restaurants. Leaders planned to continue the rollout this year, but sales have been disappointing. Currently, in New York, only McDonald’s in New York City and Long Island sell Krispy Kreme.
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Consumer Headlines: Credit card interest, holiday shopping and Krispy Kreme at McDonald’s WHEC.com.
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