UK Money News
23rd July 2008
Rates hiked on credit cards
Credit card companies are squeezing cash-strapped customers with higher repayment rates, it has been claimed.
According to moneysupermarket.com since the start of the credit crunch around three in ten credit card companies have raised the repayment rates on their products.
Worryingly, the survey also discovered that one in four of cardholders which had experienced a rise remained unaware of the increase.
Steve Willey, head of credit cards at moneysupermarket.com, said: "Firms writing to customers telling them their APR is about to increase will only exacerbate the debt problem in this country - especially given recent statistics showing the average cardholder has over £5,000 of easy credit at their fingertips.
He added: "It is concerning that people aren't paying closer attention to their credit cards. If you aren't aware what your APR is you might be paying a lot more for your credit card purchases than you need to."
Among the card providers who have hiked rates are Egg, Capital One, Lloyds TSB, MBNA and Barclaycard.
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