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Bank charges: Credit card rates continue to rise

Credit card interest rates are continuing to rise, it has been revealed.

Research by consumer website has revealed that although credit card promotion offers are at an all time high, the average interest rate has reached 17.32 per cent.

Many lenders offer long interest-free periods on purchases and balance transfers but once these introductory rates end then many consumers are hit with large bills.

A spokeswoman for expressed her belief that credit cards are still considered a high risk.

She said: "A card may offer a good rate, however, it is important to look long term to make sure you can meet the monthly repayments. The first thing to do is to check your credit rating."

Borrowers are advised by the website to ensure they can make payments even if they become unemployed as many default on repayments shortly after losing their job.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800020259-ADNFCR

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