Why Are Credit Card Rates Skyrocketing?

Interest rates are 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. But there are some things you can do to avoid those lofty rates, even if you have bad credit.

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.

In fact, First Premier Bank offers a Gold MasterCard with a whopping 59.9% rate for those people with “less than perfect credit”, according to its website. And that rate is actually down from the 79.9% rate it originally charged.

Complete article via CNN

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