UK Money News
14th April 2008
Crunch drives up cost of credit card borrowing
Along with homeowners with 100 per cent mortgages, consumers who rely on credit cards are among the worst hit by the credit crunch, according to a price comparison site.
According to calculations from MoneyExpert.com, the average APR on a credit card six months ago stood at 16.56 per cent.
However, since then the cost of borrowing has risen to such an extent that the average APR is now 17.12 per cent.
The site also found that the standard rate now charged on a balance transfer has risen from 15.2 per cent to 15.95 per cent.
Sean Gardner of MoneyExpert.com said the findings mean that it is more important than ever to use cards sparingly and prudently.
He said: "Everyone is finding it more difficult to make ends meet as the cost of living rises. People will want to turn to credit and that means splashing the cash on the plastic.
"Most of us would normally seek out a new zero per cent deal to tide us over the bad times, but with lenders playing a cautious game getting one of those cards is more difficult than it used to be."
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