Credit card borrowers left high and dry by rate hikes
Credit card borrowers left high and dry by rate hikes
Tuesday 12th August 2008
Research conducted by price comparison site MoneyExpert.com shows that the average rate charged on credit card debt has risen from 16.8 per cent to 17.4 per cent over the last six months.
Sean Gardner, director of the site, said that this proves that although homeowners have been the most visible victims of the credit crunch, the situation faced by credit card customers is also worsening.
He added: "Mortgage customers might complain about rates of six or seven per cent but for credit card customers the charges are much higher.
"And with some cards charging more than 40 per cent it really seems like the sky is the limit."
The site also found that the number of cards which charge standard rates of 17.9 per cent or above has risen to 72, compared with just 59 in February.
Debt1, official website of Byrom & Keeley - Experts in Debt Management
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