Credit Card Interest Rates Creep Up to 18.1%

CompareTopCards.co.uk
Average credit card interest rate on purchases has crept up above 18% to 18.1% from 17.9% in May, according to financial information group Moneyfacts.co.uk. This has been caused by withdrawal of top deals and increase in rates on the new cards being offered. Most card providers have increased rates in the past 6 months even though BOE has lowered rates.

This increase will have an adverse impact on customers already struggling with repayments and credit card debt. This means consumers will have to look harder to find the right credit card deals in order to manage their finances in these tough times. Consumers need to take advantage of 0% Balance Transfer, and 0% purchase card deals to save and ride out the current credit crisis.

Use our calculators to compare and find the best credit card for you. Start Now!