BGN Entrepreneur

The interest rate of Bank of England bank has plummeted by 4.75% to 0.5% and a pledge from the Government to clamp down on the inflated rates of credit card charging.
In spite of these, the average interest rates charged by credit cards have increased greatly over this time frame and are at their highest level for the past two years now. As a result, according to a study, now the credit card holders are paying an average annual interest which is 1.1% more than two years ago.
With the amount of outstanding credit balances in the UK currently standing at the level of £64.8bn, the increases in credit card rates turn into a shocking extra £712.8m for credit card companies in annual income.

Related posts:

1. Rising Charges on Credit Card Cash Withdrawal
   In spite of the plummeting Bank of England base rate,...
2. Credit Card Giants Cashing in as Interest Rates Hit 19%
   Credit card interest rates have increased ever since January....
3. Ditch Credit Card Debt
   Credit card debt is bad debt, end of story....
4. Avoid Credit Card Trap
   These days, it is becoming increasingly easy for people over...
5. Compare The Credit Card Service On-line
   Large amount of household, especially the low-middle class ones, are...