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Ash4781

Cost Of Credit Cards Breaks 18% Barrier

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http://news.scotsman.com/uk/Cost-of-credit...eaks.5337402.jp

THE average interest rate charged on a credit card has broken through the 18 per cent barrier as providers continue to raise their rates and withdraw competitive deals.

The average interest charged on credit card purchases is now 18.1 per cent, up from 17.9 per cent in May and 16.3 per cent two years ago, according to the financial information group Moneyfacts.co.uk.

It's a new record!

Crickey that's some spread. What are the defaults like ?

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It's a new record!

Which means it must be a green shoot. Neither Norris McWhirter nor Roy Castle would ever report anything negative.

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It just goes to show how out of kilter the bank base rate is. IRs are supposed to represent the risk of lending money, unfortunately the bank base rate is so low now that the risk massively outweighs the reward so banks aren't lending in many areas. The fact that IRs on credit cards are rising goes to show the level of perceived risk and by proxy, the level of current defaults.

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Henry VIII, (1545) legalized interest in England at a maximum of 10 per cent, reduced to 8 per cent by James I, (1623), to 6 per cent by Charles II, (1660), and to 5 per cent by Anne, (1713).

And we are here :- 39.9% !!!!

Oh dear!

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Henry VIII, (1545) legalized interest in England at a maximum of 10 per cent, reduced to 8 per cent by James I, (1623), to 6 per cent by Charles II, (1660), and to 5 per cent by Anne, (1713).

And we are here :- 39.9% !!!!

Oh dear!

I'm so happy I only owe £272 on one CC.

CCs are the devil to the easily led.

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I'm so happy I only owe £272 on one CC.

CCs are the devil to the easily led.

Yes, this is a good thing if it encourages people to stop using credit cards.

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