Credit card rates hit a 9-year high in Q2

08/24/2010 | CNNMoney

Credit card interest rates reached a nine-year high in the second quarter, with the average interest rate on existing cards growing to 14.7%, up from 13.1% a year earlier, according to market research company Synovate. The spike created the largest margin in 22 years between the average credit card interest rate and the prime rate, 11.45 percentage points. The increase was largely due to the Credit Card Accountability Responsibility and Disclosure Act of 2009, which gave credit card companies a limited time to raise rates, the study says.

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