The news: Credit card interest rates will climb to record highs this year, according to a Bankrate forecast—which could present opportunities for payment providers as consumers lean more heavily on credit cards.
What this means: Higher rates will likely be a boon for lenders. But cardholders could feel the squeeze as higher borrowing costs eat into inflation-weary budgets.
What can payment providers do?
Dive deeper: Read our Era of Uncertainty: Credit Cards report to learn about the challenges issuers could face with rising economic uncertainty and strategies they can use to cut risk.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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