UK Money News
8th May 2008
Lobby card providers for rate cut, urges finance site
Consumers have been called on to lobby credit card providers for a cut to interest rates charged on the products.
Personal finance at Fool.co.uk, issued the call on the grounds that despite three interest rate cuts since December "interest rates on outstanding credit-card balances remain disgustingly high".
However, David Kuo, head of personal finance at the site, said such rates "are not set in stone" and added that pressure on the providers could bring about a reduction.
He said: "Every one per cent reduction in APRs represents an extra £74 million that go into consumers' pockets to ease the credit crunch. It is a fraction of the £50 billion bailout that lenders are grabbing from the Central Bank, which is, after all, our money.
"Fool.co.uk therefore urges card holders to ask their providers for a reduction in interest rates."
The average rate charged on popular credit cards is 16 per cent, compared with the key base rate of five per cent.
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