Report says credit card rates have risen sharply

Paying your credit card bill late will cost you even more.

That's because the interest that credit cards charge on balances, also known as APR, has risen sharply.

According to a survey by creditcards.com, the average interest rate is now just over 17-percent.

That means paying late, carrying a balance or taking out a cash advance is going to hit you in the wallet.

However, cards have not raised the other fees they charge, and the total number of fees is down.

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