What is a good interest rate to pay?

Avoid loans with APRs higher than 10% (if possible) According to Rachel Sanborn Lawrence, advisory services director and certified financial planner at Ellevest, you should feel OK about taking on purposeful debt that's below 10% APR, and even better if it's below 5% APR.

Is 5% considered a high interest rate?

A 5% APR is good for pretty much all types of borrowing, except for mortgages. On personal loans, credit cards, student loans, and auto loans, 5% is much cheaper than the average rate.

What is a decent interest rate?

A 10% APR is good for credit cards and personal loans, as it's cheaper than average. On the other hand, a 10% APR is not good for mortgages, student loans, or auto loans, as it's far higher than what most borrowers should expect to pay. A 10% APR is good for a credit card. The average APR on a credit card is 20.16%.

Is 10% interest rate a lot?

Yes, a 24% APR is high for a credit card. While many credit cards offer a range of interest rates, you'll qualify for lower rates with a higher credit score.

Avoid loans with APRs higher than 10% (if possible)\n\n According to Rachel Sanborn Lawrence, advisory services director and certified financial planner at Ellevest, you should feel OK about taking on purposeful debt that's below 10% APR, and even better if it's below 5% APR.

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