Hard-to-Believe Credit Card Rates

I've read plenty of times about how credit card companies routinely charge many borrowers as much as 30% interest or more per year.

I even reported on it. In that article, I explained a practice known as "universal default," which can get you whacked with sky-high interest rates on many or most of your cards if you're late paying just one bill.

And the default typically kicks in without your receiving any notification about it.

According to TV station KARE in Minnesota, "A 2005 survey by Consumer Action, a consumer advocacy group, found that 90% of card issuers used a universal default hike if a customer's credit score decreased."

Read more at: Hard-to-Believe Credit Card Rates