Credit card rates increase to highest level since 2007

While interest rates may be at historic lows, credit card rates are reaching record highs, according to a recent report.

The latest CreditCards.com weekly report indicates the average annual percentage yield for new credit cards increased to 14.91 percent. The company says that is the highest level its seen since it started tracking credit card interest rates in 2007. The previous high was set in May, when the rate was 14.85 percent.

Speaking to the source, Dori Abel, spokeswoman for GE Money Bank, said the rise in rates is a reflection of the economy's fragile state.

"We, as many other lenders who provide unsecured credit, continue to evaluate our credit strategy in light of economic conditions and related risk," said Abel.

Last week at this time, the average APR stood at 14.75 percent, according to the website.

While this is the average annual rate for consumers with good credit scores, it's even higher for those who have bad credit. That's why it's important for consumers to stay on top of their credit report, ever watchful for unsubstantiated or unfair claims. A credit repair attorney may be able to help resolve these credit problems so borrowers can avoid paying exorbitant fees.