According to financial services comparison site MoneyExpert, credit card companies in the UK are making cards more expensive, with the average credit card interest rate climbing to 17.4 per cent last month.
Although there are reportedly some low-rate credit cards on the market, many have been taken off, or have seen rates increased to reflect the economic climate.
The director of MoneyExpert.com, Sean Gardner, reportedly commented: " Homeowners have been the most visible losers in the credit crunch but credit card customers are also sharing the pain. Mortgage customers might complain about rates of six or seven per cent but for credit card customers the charges are much higher. The drawback of the low APR card is its tiered interest repayment mechanism."
He reportedly continued: "There is however still plenty of choice in the credit card market and a lot of competition. Customers paying higher rates on debts should review their credit card as a matter of urgency and switch."
Credit crunch affecting credit card cost
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Credit crunch affecting credit card cost
Mon, 11 Aug 2008
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