UK Credit Cards Rates To Soar Up To 35%

Discussion in 'General Discussion' started by Quigley_Sharps, Jul 28, 2008.

  1. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    <TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR vAlign=bottom><TD>[FONT=Verdana, Tahoma, Arial][​IMG] July 28, 2008 18:39[/FONT] [​IMG] [​IMG] [​IMG] <!-- $ post[icqicon] --><!-- $ post[aimicon] --><!-- $ post[yahooicon] -->[​IMG] [​IMG] </TD><TD vAlign=center align=right>[FONT=Verdana, Tahoma, Arial]Post #1[/FONT]</TD></TR></TBODY></TABLE>
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    Credit card companies have imposed 'phenomenal' interest rate rises as families head for their holidays.

    Customers have found themselves facing annual percentage rates of up to 34.9 per cent.

    Charges for using credit and debit cards abroad and for withdrawing cash from an ATM have also increased.

    The US - owned card giant MBNA, which runs seven million of the 70million cards in circulation, is at the centre of the rate rises.

    The increases are a hammer blow to families heading off on summer holidays, which generate the biggest card bills of the year on items like hotels, food and car hire.

    Britons are expected to spend £22billion on credit cards during July and August. With 13.8million customers regularly failing to pay off their balances each month, the rate increases will bring a cash bonanza for the card companies.

    Almost one in three customers have faced a rate rise in the past year.

    Personal finance expert Michelle Slade, of the website, said: 'As the credit crunch continues to bite and family finances are stretched, many are resorting to using their credit card to fund their holiday.

    read on..........
  3. kckndrgn

    kckndrgn Monkey+++ Moderator Emeritus Founding Member

    hmm, and when I pay cash for my trips I pay no interest charges. Now, yes I could "pay off the balance" each month, but I've tried that before and got burned. Now it's just easier to pay cash for everything.


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