In case you haven’t heard, Discover (DFS) recently raised its default rate, which can be triggered by going over your credit limit or missing a payment, to 31% APR. This isn’t to say that everyone that misses a payment or exceeds their limit will get hit by this rate, but it’s possible. Likewise, Bank of America (BAC) has raised their default rates to 30% for some customers. These changes are a response to increased risks associated with the credit market. When customers show signs of financial distress, credit issuers are pricing that added risk into the equation quicker than ever. This may sound obvious, but to avoid problems, you just have to make your payments on time and obey your limits.