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.
Read more:
http://money.cnn.com/2011/01/28/pf/credit_cards_interest_rates/index.htm?iid=HLMNot%20perfect%20credit%20=%2059%%20APR
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