At its core, banking is all about bank accounts providing cash, which financial institutions use to make loans. But since there’s much more to it than that, here’s a look at what goes into the calculation so you can shop for the best rates for you. Interest rates on loans How do banks and credit unions determine the interest rate you pay on your loan (Annual Percentage Rate). There are several factors. Your credit score: You might see an advertisement for a great rate...

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1. Americans are anchored by credit-card debt. Credit card debt is held by homeowners and renters, college graduates or Americans who entered the work force with a high school diploma of GED, so it is understandable that credit card debt spans across all demographics of the country. Almost half of Americans carry credit card debt to the tune of $807 billion, with the average interest rate hovering near 16%. 2. Yes, there is such a thing as good debt. Of course, not all loan debt is...

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