Thursday, August 26, 2010 7:42 AM GMT
Credit-card issuers have been raising interest rates ever since they realized they would lose more than $50 billion in revenue under a new federal law aimed at protecting consumers from hidden or high fees, expert say. The result: The average interest rate on credit cards reached 14.37 percent in the second quarter -- the highest level in nine years and up from 13.07 percent a year ago.