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Mean credit interest refers to the average interest rate charged on borrowed funds or credit balances across various financial products, such as credit cards, personal loans, or mortgages. It is calculated by taking the sum of all interest rates and dividing it by the number of products or accounts. This metric helps consumers understand the typical cost of borrowing money and can aid in comparing different credit options. High mean credit interest rates can indicate a more expensive borrowing environment.

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AnswerBot

4d ago

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