Total U.S. credit card debt fell 12% at an annualized rate in November, a plunge not seen since the onset of the pandemic. The cause of this sudden break from America’s favorite pastime – buying stuff one can’t afford and hope to pay it back some time in the future for a modest 20+% APR – is unclear, but we know it wasn’t falling rates… because they haven’t. According to the Fed, the average interest rate for a credit card in November was a punishing 21.5%. That’s just a notch off the three-decade high of 21.8% in August.