WASHINGTON ( TheStreet) -- Federal Reserve policymakers last week held the overnight lending rate near zero to keep the economic recovery on track by making credit easier to access. But the benefits of a low rate might be diminishing for consumers.Because nearly 70% of credit cards sport variable interest rates, one might think that the Fed's decision to stick to a near-zero strategy would be a boon for many Americans. Instead, in a scramble to beat new consumer protection regulations that go into effect on Feb. 22, card issuers have been raising rates, boosting fees and decreasing credit lines. Many credit lines also have baselines built into their products. Read the fine print and you may find that your card won't fall below 15%.
Low Interest Rates Might Hurt More Than Help
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