uSwitch: £161 million interest on credit card cash withdrawals

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www.moneynews.co.uk > Credit cards > uSwitch: £161 million interest on credit card cash withdrawals

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uSwitch: £161 million interest on credit card cash withdrawals

Britons are paying £161 million on interest by making credit card withdrawals, new calculations from uSwitch.com have found.
The comparison and switching website said that over a million people are using the money for costs such as mortgages, loans and household bills, while over 700,000 use it to pay off another credit card.
But consumers are being hit by rates for credit card cash withdrawals.
In 2005, the average annual percentage rate was 21.22 per cent but now it is 29.97 per cent - an increase of 41 per cent.
Louise Bond, personal finance manager at uSwitch.com, said customers are suffering "exorbitant rates of interest" and, while acknowledging the need to make a profit, berated companies who "penalise their most vulnerable customers".
Earlier this month, uSwitch.com reported that consumers are managing to save £2.7 billion through minor changes to the way they live.
But it warned that decreased spending could help recession by putting companies out of business.

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