Charges rise on credit cards

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Charges rise on credit cards

Research released recently shows that many leading credit card providers, including NatWest, Egg, Virgin and Abbey, have increased the rates of interest that customers are charged when using their credit cards.

The research, compiled by Moneyfacts, shows that the average rate of interest across all credit card providers has increased from 16.8 per cent to 17.2 per cent.

Michelle Slade, an analyst at Moneyfacts, said that consumers could find themselves "stung" more seriously than ever before following the changes and recommended that consumers pay off their credit card balance in full every month to avoid the worst effects of the rate increases.

The prime minister called for credit card companies to behave responsibly, given consumer's financial position during the credit crunch.

Gordon Brown touched on the issue at yesterday's Downing Street press conference, when he called for "the credit card industry to join with [the government] to establish clear and fair principles to apply to the costs people face on their existing debts".

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