Home Credit News It?s Getting More Expensive To Have Credit Cards

It?s Getting More Expensive To Have Credit Cards

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In response to the current economy, the rates and terms on your credit card are changing.

Just this week the Annual Percentage Rate for new credit card offers bounced up to 12.79 percent according to CreditCards.Com Weekly Credit Card Rate Report.

Because of the recent rise in unemployment, which has caused a larger number of people to fall behind on their credit card payments, increased regulations which will take effect in February 2010 and an uncertain economic forecast, the profits for the credit card companies have been wavering, therefore the banks are increasing interest rates and cutting credit limits.

Having a credit card is more expensive now than ever.

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