Credit Card Rates weighing down your wallet
Posted on May 17th, 2011
In the last 13 years credit card rates have been steadily rising. According to Moneyfacts.co.uk the rates are the highest we have seen since 1998, with the average being a staggering 19.1%
This year alone, 18 Credit Cards have bumped up their interest rate and a spokes person from Moneyfacts.co.uk said “It is unlikely we have seen the last of the increases and we expect more providers to follow suit.”
The only small consolation is that many of those same Credit Card Companies are now offering better deals and promotions, including longer 0.00% interest on certain credit lines.
Many people are already struggling to repay steep interest rates and a high number of people are paying interest only, putting it off for as long as they can. Debt Management Companies will no doubt see the effects of the interest rate increase as many customers will be pushed to breaking point.
Story by Tom
Fresh Start UK
Offering Debt Management Solutions, Debt Management Plans as well as Individual Voluntary Arrangements (IVAs) and Bankruptcy. If you are worried about Debt, contact us now on 08009 247 244