Credit card interest rates still rising

The average interest rate charged on a credit card has risen to 16.79% according to the Bank of England.  That’s the highest average rate since February 2002.

However, other figures from the Bank of England reveal that banks are still writing off huge losses on their credit card customers – in fact, according to Credit Action, £1.18 million was written off in Q4, 2010.

Read the full article at bbc.co.uk

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