A nationwide study by non-prof group Consumer Action found rising trends for credit card rates and fees. Compared to 2005

APR: 14.53%, up from 12.61%
late fee: $28, up from $27.46
penalty interest rate: 24.5%, up from 24.23%

In response to mounting criticism over universal default rates, Consumer Action found some credit card companies are doing away with universal default clauses. Instead, they substitute language that says they can raise rates at any time.

Quick, pay down your debt before it's too late! — BEN POPKEN

2007 Credit Card Survey [Consumer Action]
(Photo: Ben Popken)