An interest rate is the cost of borrowing money. Or, on the other side of the coin, it is the compensation for the service and risk of lending money. Without it, people would not be willing to lend or even save their cash, both of which require a deferment of the opportunity to give up spending in the present.

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Generally, iInterest rates continue to tumble for the U.S. Treasury, companies and home buyers alike. But for a large portion of 381 million U.S. credit card accounts, borrowing rates have been moving only one way: up.

And average rates are likely to climb further in the near future.

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UK Interest rates have been left unchanged by the Bank Of England. This follows a year of record low interest rates and emergency stimulus measures.
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Payday loan customers could see drastically lower interest rates if a bill scheduled to hit the Capitol Monday can overcome barriers that unraveled a similar plan two years ago.

The legislation would let Colorado voters in 2010 decide whether to cap at 36 percent annual interest rates, which can now climb higher than 300 percent on the small sums.
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US Federal Reserve said that it was raising interest rates for emergency bank loans leading to a fall in Asian stock markets.

The US central bank took markets by surprise when it said late on Thursday that it was lifting the discount rate to 0.75%, from 0.5%.

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