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PPI Claim News - 17/2/2010

Credit Card Charges: Credit card rates are 'stinging consumers'

Excessive credit card rates are ensuring that customers are trapped in a "vicious circle" where they are repeatedly stung, according to one financial expert.

Phil Perry, director of Ark Financial Planning, said that the banks' tightening of finance means that credit cards are the only option for people struggling to payoff debts and meet mortgage repayments.

However, he believes high rates ensure that they are paying "a hell of a lot more in interest than they were previously".

His comments come after research by Moneyfacts showed that credit card rates have reached a 12 year high, with the average rate now standing at around 18.8 per cent.

He blamed the high charges on the continuous mistakes made by the banks over the past few years, which he says have been plain for all to see in the press.

In order to recoup their financial losses and continue to net big profits, Mr Perry says the onus has been placed on the consumer.

"People keep saying they are trying to kick-start the economy, but they're not really. The banks' are really trying to get their profits back into play."

Belmont Thornton can help you make a PPI claimPayment Protection Insurance Claim, or a credit card charges claim. For free PPI Claim advice call 0845 526 0000 or fill in the Quick Claim box to be sent a PPI Claim pack or credit card charges claim pack.ADNFCR-2776-ID-19620071-ADNFCR

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