Credit card causes for alarm?

Published on 23 February 2010 by arun singh

Credit card causes for alarm?The gap between interest rates charged by some credit card providers and the Bank of England’s base rate has never been higher.

A new study by MoneyFacts has found that some credit cards are charging rates as high as 30 percent – with the average rate being a still-high 18.8 percent.

But it seems a growing number of credit card users are getting the hint.

Spending on credit cards fell by 3.7 per cent in January as compared to a year before.

New lending for the year was down 8.3 percent, but repayments were also down – by 7.8 percent.

And that repayment problem is becoming a bigger issue for a growing number of people. A study by Equifax found that 75 percent of credit card users allow balances to trail from month to month, instead of paying off their balances in full.

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