Current credit card providers Now issuing high interest Rates.

26 March 2015 - Which Way To Pay

    



Credit card providers are far from lowering rates and are actually set to increase them

Studies this week have proven that Credit card rates are due to increase , where as the banks and credit card providers have said otherwise. Figures have shown that the base rate has fell to as low as 0.05% . But on the other hand they have issued a rise in the credit card rate to as much as quarter more than the original.

As we all know when the financial crisis struck us all around 2008 , The average credit card holder was paying around 15.5% where as now Severn years on they are actually paying a much higher credit card rate of 17.8%.

Around four out of ten credit card holders fail to pay off that dreaded credit card bill at the end of the month. This is leaving them with a Credit card rate of 18.9% interest on the money they have borrowed. This can also mean that some consumers are as unlucky as to be paying 29.9% or even more because when they applied for the credit card there credit score was a lot lower than it is now.

When all the banks and credit card providers are advertising 0% balance and credit card rates , this is actually a way at grabbing the consumers attention therefore they will most likely increase the credit card rates once the contract has been made.

Tips when looking at your credit card rates and interest.

Always keep all the communication between you and the credit card provider as this can be used as reference , if there was any issues or discrepancy.

Credit cards and rates are one of the main finical incomes for banks and credit card providers therefore , the Credit card rates and interests are more than likely to increase more and more over the years to come.

In the last few days some of the leading banks and providers have been asked about rising credit card rates and apr's . Nearly all of the people asked replied with no comment , where as one of the top leading banks answered with ' There is so much competition out there nowadays we need to increase our credit card rates and interests to continue to make make money as this is what we are all here for'.

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