Credit card rates 'highest for 12 years'
www.moneynews.co.uk > Credit cards > Credit card rates 'highest for 12 years'
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Money News |
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Credit card rates 'highest for 12 years'
Tue 16th Feb 2010
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The average rate is now 18.8 per cent, with the Bank of England base rate at 0.5 per cent. In February 1998, the rate was at 21.1 per cent, with a base rate of 7.25 per cent.
Michelle Slade, spokesperson for Moneyfacts.co.uk, said that the expensive rates are down to lenders worrying that high levels of unemployment mean that they will not get their loans back.
"Borrowers with £5,000 debt on the card, who just repay the minimum each month, will now repay an additional £2,289 over the life of the debt than they would have in February 2006," she added.
Loan customers are also experiencing large repayment rates, with the average cost of paying back a loan now at the highest level for nine years, Moneyfacts.co.uk announced recently.
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