Friday, 10 June 2011

Whopping cost of cards

Credit card interest rates continue to ride at their highest level for nine years.

Latest figures from the Bank of England show that the average rate we paid on credit card borrowings was 16.72% over April and May, the steepest since February 2002.

Looking further back, the previous peak was 23% in 1995.

Meanwhile, on the other side of the ledger, savers continue to suffer.

Banks are paying an average interest rate on Cash ISAs of 0.55%.

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