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Quality not Quantity – the new approach from UK banks towards unsecured lending, oh and hiking the interst rate as well, that’s the other approach. Figures released by industry analyst Defaqto revealed that a £5,000 loan wil cost you 42% more today than it would’ve 2 years ago with the average APR on a up from 9.8% to 13.9% in the same time period.

As well as loan rates, credit card interest is at it’s highest point for 12 years and all because the banks need to cover all the wreckless, care free lending they issued throughout the boom. But that’s not the only reason for rocketing the rates, mr banker also wants to pocket some extra money to make up for the all the Payment Protection Insurance (PPI) policies that they can’t mis-sell or forceably include alongside borrowings.

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3. Payment Protection Insurance Ticking Time Bomb
4. Payment Protection Insurance Mis-selling Catches Up With Sub-Prime Lender
5. Mis-Sold PPI, Unfair Bank Charges And Now Extortionate Interest Rates, The UK Banking System Sucks