Daily Mail: Desperate families turning to credit cards with 60% interest rates as high street banks refuse their applications

One million desperate consumers shunned by High Street banks have turned to a sub-prime credit card - charging rates as high as 60 per cent. Credit firm Provident Financial today revealed it was receiving more than 2,700 applications a day for its Vanquis credit card. Average rates are 39.9 per cent, but the worst off will be charged up to 59.9 per cent for their spending. Figures released by the Bank of England revealed UK consumers owed a whopping £61.5 billion to credit card companies in January - an increase of 15 per cent on the previous year.
Many families are being refused credit by the high street banks who are trying to cut back on customers they deem are at risk of missing repayments.