Credit card rates at 13-year high
The average cost of borrowing on a credit card has risen to a 13-year high of 18.9 per cent, says Moneyfacts.co.uk. According to their research, the last time credit card rates were this high was in 1998 when the Bank of England base rate was at 7.25%.
At the current rate of 18.9 per cent borrowers with a £5000 debt on their card, who repay the minimum amount each month, will now be repaying an additional £2,360 in interest over the length of the loan compared with February 2006, when average rates were at 14.8 per cent, according to figures in The Times.
February 4, 2011
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