Analysts welcome government warning to credit card bosses
www.moneynews.co.uk > Credit cards > Analysts welcome government warning to credit card bosses
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Money News |
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Analysts welcome government warning to credit card bosses
Wed 26th Nov 2008
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Analysts from MoneyExpert.com said that despite the Bank of England's cut in the base rate of interest, the APR on many credit cards had gone up by half a percentage point over the last 12 months.
Sean Gardner, director of MoneyExpert.com, said that many credit card companies had also pulled their zero per cent balance transfer deals, making it even harder for those struggling with credit card debt.
He added: "The credit card market seems to have been operating on a different planet […] for some time now and given the recession worries it's no surprise the government has taken this step."
In a press conference earlier this month Gordon Brown announced his intention to meet with the heads of the credit card industry and warn them not to behave irresponsibly.
Click here for more credit card news
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