The Bank of England decision to cut interest rates has not made an impact on the credit card market, which continues to become more expensive all the time. With credit card providers and mainstream lenders increasing standard APR and the rate of balance transfers, it appears that credit card costs are climbing.
Many banks are adapting interest rates to reduce the risk posed by borrowers with adverse credit . The influence of the credit crunch has seeped into the credit card market, and just when many people need their credit card the most, the cost will get higher.
Sean Gardener, of MoneyExpert.com, was reported in the credit card news as commenting: "Everyone is finding it more difficult to make ends meet as the cost of living rises. People will want to turn to credit and that means splashing the cash on the plastic."
Credit card cost climbing, despite interest rate cut
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Credit card cost climbing, despite interest rate cut
Tue, 15 Apr 2008
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