The report by Consumer Action of San Francisco praises the reforms for making consumers better informed, but now know the true cost of credit up front and new cardholder protections are in place. On the downside, however, interest rates are up.
Consumer Action's annual survey found interest rates increased 2 percent from the year before, from 2009 to 2010.
The average variable interest rate went from 13.2 percent to just over 15 percent. That increase comes despite the prime remaining flat at 3.25 percent. Card issuers are raising rates to make up for lost revenue elsewhere.