Interest rates on loans hit record high
Interest rates on small personal loans reached record levels last month as unsecured borrowing costs hit the highest level since the Bank of England began collecting data in 2005. The typical interest rate charged to people borrowing £5,000 hit 15.58% - 2.2% higher than in 2005. Credit cards rates also increased and have risen to an average rate of 16.73%. Overdraft rates are at a near record high of 19.08%.
Even though average credit card rates are high, there are some great rates available. Nationwide offers a 17 month balance transfer rate at 0% and it also has 0% on purchases for 3 months. The balance transfer fee is 2.95%.
May 13, 2011
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