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Credit Card Interest Rates Hit a Nine-Year High

Credit Card Interest Rates the Highest in Nine Years

We're happy about the new credit card rules finally taking place this week, but the Wall Street Journal reports this morning that these laws have triggered the highest average credit card interest rates in nine years — 14.7 percent.

This means that when you sign up for a new card, you're going to face a pretty high rate because banks aren't able to charge certain fees and don't have the ease of changing rates like they used to. Still, Credit Card Act of 2009 sponsor Rep. Carolyn Maloney tells the WSJ it's "better that consumers should know up-front what the interest rate is, even if it's higher, than to be soaked on the back-end by tricks and hidden fees."

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