UK Money News
28th December 2007
Card rates 'will creep up in 2008'
Credit card rates are set to continue increasing during 2008, perhaps reducing their attraction as a source of help with money.
So claims personal finance advice firm Moneyfacts, which states that the credit crunch has impacted on lenders, meaning that they will need to recover some of their costs.
Samantha Owens, head of personal finance at the price comparisons site, remarks: "We've seen balance transfer fees creep up.
"If people are transferring their credit card balance after Christmas they need to be aware and look at the balance transfer fee and make sure that ... they take that into consideration."
She added that those using credit cards as a source of help with finance should make sure to check that interest rates are not rising - information often supplied in leaflets accompanying monthly statements.
The finance news follows data from the same company in November indicating that, during September and October, credit card firms had increased fees on 125 occasions.
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