Crunch puts squeeze on credit card deals
Crunch puts squeeze on credit card deals
Wednesday 27th August 2008
According to MoneyExpert.com, the phenomenon of rate tarts - that is, consumers who swap card providers to take advantage of zero per cent deals - is endangered by the credit crunch, due to more and more card companies hiking the cost of moving the debt.
This was borne out by the site's research which showed that the number of cards which charge a rate of 18 per cent or higher on balance transfers has risen from 19 to 42 over the last year.
Sean Gardner, director of MoneyExpert.com, said: "With balance transfer fees now the norm and with banks being much more stringent with whom they lend to, most people will have to accept that having a credit card does not mean having free money.
"The number one rule is only borrow what you can afford to repay."
www.debt1.co.uk - The official website of Byrom & Keeley – A UK based debt management company
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