St Louis Mortgage Refinancing and Home Loan Mortgage: Higher Credit Card Rates
St Louis Mortgage and Real Estate News –
St Louis Finance and Loan News: Credit Card Rates At All Time High
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Modification Advocate
Current interest rates for credit cards are now hovering near record highs, at an average rate of 14.72 percent.
And if your credit is bad enough, you could even end up with a rate as high as 59.9 percent APR.
That's because while the CARD Act helped
crack down on certain fees and requires more disclosures, it didn't cap every credit card holder's worst enemy: interest rates.
The new rules prevent banks from raising most interest rates retroactively, but there's no limit on the rates they can charge new customers, and that has the consequence of driving rates up for new customers.
"Rates are going up because card issuers know that once you get a card they can't raise the rates, so they're raising rates on the front end to ensure they get the revenue from that interest," said Beverly Harzog, credit card expert at Credit.com.
Annual percentage rates have climbed more than 20 percent over the past two years and hit an all-time high of an average 14.78 percent in mid-November 2010.
This information was based on weekly data CreditCards.com collects from 100 of the nation's top credit card issuers.
And there seems to be no end in sight.
While interest rate caps have been proposed which includes a proposal from New York Congressman Maurice Hinchey that would limit rates at 15 percent, as of yet, none have been passed into law.
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Articles and News Sponsored by Liberty Lending Consultants
When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.
Business Owners: Call us at (314) 334-0210 and retain us for one of the best commercial loan modification and principal loan reduction programs available. A principal reduction or loan modification can help if you are underwater with negative equity. As commercial lending and loan modification program consultants, Floyd Tapia and his lending and legal team can focus on bringing you innovative private lending solutions to meet all types of financing needs. We have access to the largest portfolio of private lending institutions and investor backed funding sources available. Let us turn your challenges into closings (or from being underwater equity wise) and help you get a St Louis commercial lending, mortgage or financing loan.
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