Credit card rate hikes affect almost all of us

credit card
credit card

It should come as no surprise that credit card companies have been hitting their customers with ever-steeper rates and fees to make up for revenue lost on now-prohibited practices banned by the CARD Act. But the degree to which Americans are getting socked even shocked one credit card expert.

According to a recent user poll conducted by CardRatings.com, 86% of people have had their rates hiked within the past six months.

This figure even shot past the pessimistic prediction CardRatings' founder had made several months ago, when he predicted that four out of five credit card users would be subjected to interest rate increases.