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Store Credit Cards To Raise The Rates To 25%++ In 2006

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New warnings for store card users

There are about 11 million store card accounts in the UK
Store cards that charge interest at 25% or more a year will have to warn customers on their statements that they can get cheaper credit elsewhere.
The Commission estimates that by the end of 2006, 90% of store card accounts will still be charging interest of at least 25% a year.
It also discovered that the APRs charged on many store cards cluster around the 30% level.
By comparison nearly all credit cards - 95% of them - are cheaper, charging interest of 26% or less each year.

With Mortgage rates likely to go up in the wake of worldwide hikes it will be more difficult to MEW on the house to fund credit cards at the 30% APR rates. No wonder the insolvency rates are skyrocketing.

The "Miracle Economy" built on ever increasing borrowing starts to unravel this year with a vengeance.

Edited by Realistbear

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... and it's not just store cards.

I was just going through the latest blurb received from a couple of credit card companies with my statements. Seems that they have been inserting 'Important Changes to Your Credit' leaflets.

Looks like they are tightening up on 0% balance transfers by adding a hefty charge.

The rates of interest are going up on the Nationwide card by 2% per year.

I would guess that this is happening across most cards at the moment - prompting more people to remortgage their homes to pay the blasted things off :)

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