Bad Credit Credit Cards 0 APR – Credit Card Interest Rates Increase in 2010
Posted on | December 29, 2009 | 1 Comment
Getting a bad credit credit card with 0% APR may be harder in 2010 than it has ever been. There is a very good chance that credit card interest rates could increase in 2010 as treasury yields are likely to move higher and the credit card Bill of Rights is going to greatly affect the credit card industry. Many analysts are calling for much higher interest rates in 2010 and this is likely to have a direct effect on your credit card.
If you have been looking for a bad credit credit card with 0% APR then you might have to refine your search. There may be some opportunities to get a low introductory rate but this rate will drastically increase when your introductory period is over. Please understand that if you have very bad credit that credit card companies are going to look at you as risky.
Over the last few years many bad credit borrowers have pushed their credit card payments to the back burner. With this debt being unsecured they have no desire to pay it off in the near term and these bills are going unpaid. This has caused many credit card companies and banks to see great losses when it comes to their credit card division.
With the credit card Bill of Rights taking effect in February you are likely to see many credit card companies increase the rate on your current credit card. Unfortunately, even the best borrowers out there are finding that the interest rate on their credit cards is being increased. Many good credit borrowers are seeing the interest rate on their credit cards move all the way up to 13% or higher.
If you are looking to get a new credit card then it might be a good idea to go ahead and submit your application today. The longer you wait the more likely it is going to be that interest rates will be higher. You do not want to wait until after March of 2010 as this is when the Federal Reserve Bank is going to start there quantitative easing program.
Author: Alan Lake
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January 19th, 2010 @ 11:07 pm
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