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Credit card interest rates climbing

Mon, 17 Nov 2008

According to recent reports by credit card market analyst Defaqto, credit card companies are slyly putting rates up. Despite a bank base rate cut to a fifty year low of 3 per cent, average interest rates on credit cards have jumped from 17.2 per cent to 17.6 per cent.

However, the Prime Minister is understood to be aware of the situation and looking to address the cunning cost increases. Gordon Brown was reported as commenting: "I think we have got to bring the credit card industry in to talk to them to join with us in establishing clear principles to apply to the costs people face on their existing debts ."

Defaqto spokesman David Black has pointed out that credit card companies are upping their rates in order to reocup other costs from the credit crunch, as well as to combat rate tarts and higher levels of credit card fraud .
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