FEELING RIPPED OFF? YOU SHOULD!

Credit Card Interest Rates Near 60%

This week’s credit check: Average credit card APR is 14.72%. Interest rate for banks borrowing from the Fed is 0-.25% The latest news from the credit card industry: interest rates are soaring. Wait — didn’t the CARD act put a stop to all that abusive behavior? Turns out they’ve found some ways to bend the rules. It’s true that the bill put a cap on how and when companies could jack up interest rates after a card is signed. But rates are now reaching record highs before accounts are opened, at an average of 14.72% APR. If your credit is really bad, you could end up with a rate as high as 59.9%. And just as banks protest that the rates are high in order to balance out risk, like addicts who can’t kick the habit they’re ramping up lending to risky borrowers again. READ ENTIRE ARTICLE