Credit card companies are now under new rules that, in most cases, put a $25 limit on how much they can charge customers who pay their bills late. The Wall Street Journal reported that the restrictions could wipe out billions of dollars in annual fee revenue. That has left credit card issuers doing what they can to make up for the lost income. One common step is to raise interest rates. The market research firm Synovate found that the average interest rate on existing cards is now nearly 15 percent, up 2 percentage points since last year.
Hopefully, this will motive people to break the habit of carrying a balance on their credit cards once and for all. If you need some help, here are links to a five-part series of articles I wrote detailing a Bible-based, practical approach to getting and staying out of debt (Part One, Part Two, Part Three, Part Four, and Part Five).
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