Saturday, January 29, 2011
It's just that banking reform bill kicking in...
Interest rates are now hovering near record highs, at an average rate of 14.72%. And if your credit is bad enough, you could even end up with a rate as high as 59.9% APR.
That's because while the CARD Act helped crack down on certain fees and requires more disclosures, it didn't cap every credit card holder's worst enemy: interest rates.
Sure, the new rules prevent banks from raising most interest rates retroactively, but there's no limit on the rates they can charge new customers.