Average credit card rates appear to be leveling off, at least for now, as our latest rate survey shows only a slight difference compared to a few weeks ago. Nevertheless, the trend is still upward, and with two provisions of the Credit CARD Act of 2009 kicking in this week, credit card issuers may not be done adjusting rates to the upside. (The first provisions of the new credit card law will require credit card issuers to send out bills at least 21 days before their due dates, and require issuers to give 45 days notice on rate changes.) It should also be noted that with the current average rate for consumer credit cards at 14.99% (up from 14.94% last month), rates are at their highest point since January of 2008.

No one wants to accept a rate hike, but they fear being cut off from available credit, even if their credit score is good. As the lending industry has tried to recover from its past excesses, it has lowered credit limits, closed accounts, and tightened up lending standards, even to many of its best customers.