UK Money News
8th August 2008
Credit card customers among crunch's biggest losers
Credit card customers have been almost as hard hit by homeowners by the credit crunch, new data has shown, with borrowing costs on plastic continuing to rise.
According to research conducted by MoneyExpert.com, the average credit card interest rate in February was 16.8 per cent.
However, the current average rate is now 17.4 per cent, with 72 cards now charging at this level or above.
Sean Gardner, director of MoneyExpert.com, said: "Homeowners have been the most visible losers in the credit crunch but credit card customers are also sharing the pain.
"Average rates of 16.8 per cent were bad enough in February but despite two Bank of England rate cuts which reduced borrowing costs by 0.5 per cent credit card average rates have increased by 0.6 per cent."
He added: "Mortgage customers might complain about rates of six or seven per cent but for credit card customers the charges are much higher."
Mr Gardner urged customers facing higher repayments on their cards to use price comparison sites to shop around for a better deal.
back to August's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
