Borrowing Gets More Expensive as Interest Rates Hit Multi-Year Highs

Mortgage rates topped 8% for the first time in over 20 years, reflecting the highest borrowing costs for a popular home loan since 2000.

Interest rates on personal loans at banks hit their highest level since 2007, signaling more expensive borrowing.

Credit card interest rates have soared to the highest on record, per Fed data and Bankrate analysis.

Delinquencies on credit cards and personal loans are at their highest rates in about a decade.

Total non-mortgage consumer debt rose to nearly $5 trillion, with records levels of credit card, auto loan, and student loan balances.