This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this authorYou’ll remember our recent blog entry about the Office of Fair Trading’s decision to slash credit card charges, great news but banks being banks; they’ve found another way to get hold of your money.
Credit card interest rates have reached their highest level for over two years despite the base rate being at the lowest point for 315! MoneyExpert.com say the average interest rate charged has increased by 1.1%, despite the base rate plumeting from 5.25% to 0.5% over the same time.
With current outstanding credit-card debt in the UK at around £64.8billion, the increase in credit card interest rates will generate an extra £712.8million a year for card firms, which means they should be able to pay us back our tax-payers bail-out and unfair fees, no problem!
Unsurprisingly, at a time when we all need to dig deep and cash is hard to come by, the biggest interest rate rise is for cash withdrawals from your credit card. And when it comes to purchases and balance transfers, there’s been a hike in credit card charges there as well, just to make sure they’re clawing in as much as possible from us all.
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