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Friday, August 28, 2009

Credit card companies boost rates ahead of new law

Credit card companies boost rates ahead of new law
"...According to Bankrate.com, the average variable rate (or average APR) on new cards rose from 10.69% to 11.22% during the week of Aug. 16. And Michael Kon, a credit card analyst at Chicago-based Morningstar Inc., said that the average APR charged on all credit cards has risen by about 500 basis points (or five percentage points) over the past six months...."
Reference: northwestern.edu

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