Brits stung by higher rates on credit card debt
Brits stung by higher rates on credit card debt
Tuesday 10th June 2008
According to research conducted by MoneyExpert, the average standard APR charged by providers on balance transfers when the zero per cent term has ended has risen to 16.1 per cent.
This is up from a rate of 15.35 per cent in January this year.
As a result, borrowers who do not manage to reduce their outstanding credit card debt during the zero per cent term are set to face a significant repayment shock, the web site warns.
News of the rise in rates on comes as more and more borrowers coming off the fixed term of their mortgage deals are being hit by more expensive borrowing costs.
Further pressure on household finances is also being exerted by soaring food and fuel prices.
Are you considering an IVA? We can help.
Related News
Spiralling debt fuelling Brits' recession fears - 09/06/08
The majority of consumers believe that the UK is already in recession, as the credit crunch begins to impact on Britons facing higher credit card debt and loan repayments
The majority of consumers believe that the UK is already in recession, as the credit crunch begins to impact on Britons facing higher credit card debt and loan repayments
Debt-hit Brits face 40% rise in energy bills - 09/06/08
Debt-hit Britons are set to be stung by a 43 per cent rise in gas bills over the next 12 months, it has been reported
Debt-hit Britons are set to be stung by a 43 per cent rise in gas bills over the next 12 months, it has been reported
Loan insurance plan could fuel surge in debt, say insurers - 06/06/08
Plans to reform payment protection insurance (PPI) on loans could leave millions of Britons facing problem debts if they suddenly lose their job, insurance companies have warned
Plans to reform payment protection insurance (PPI) on loans could leave millions of Britons facing problem debts if they suddenly lose their job, insurance companies have warned
Road tax hikes put pressure on debt-hit Brits - 06/06/08
Low paid Britons who are already facing higher debt repayments and soaring living costs are set to be hit with above inflation road tax increases, it has been announced
Low paid Britons who are already facing higher debt repayments and soaring living costs are set to be hit with above inflation road tax increases, it has been announced
Brits misled by IVA cancellation letters - 05/06/08
Britons have been urged to be wary of unsolicited mail which urges them to cancel their existing individual voluntary arrangements (IVAs) and opt for an alternative debt management solution instead
Britons have been urged to be wary of unsolicited mail which urges them to cancel their existing individual voluntary arrangements (IVAs) and opt for an alternative debt management solution instead
News Article Search
Quick Apply
News Archive