Credit card interest rates are at an all time high, in spite - or perhaps because of - federal regulation, according to New York Daily News. Though the federal reserve recently placed limitations on credit card interest rates, many companies hiked their rates before the laws went into effect.
This may have been an attempt to combat the limitations put in place by the federal government, as well as counter the recent increase in defaults.
"It is primarily a function of the economy, but also a function of the new rules," said Paul Garuccio, a spokesman for the American Banking Association, told the news provider.
The federal reserve reported credit card interest rates to be at an average of 14.2 percent three months ago, which is a major increase from 11.94 percent, the average for the third quarter of 2009, according to the news source.
If you are concerned about rising credit card rates, you may want to take some steps to eliminate any debt you have accrued. According to MSNBC, those who are looking to get out from under debt should stop using their credit cards to make purchases. If possible, use your own funds, not credit, to make payments.