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PPI: 'Reckless' lenders offer cheap credit card deals

Lenders are being "reckless" by offering consumers introductory credit card rates following the economic downturn, it has been claimed.

Research from comparison website has revealed that credit cards are being offered with introductory rates that are cheaper than in 2007.

However, once these deals expire then consumers are often required to pay high-levels of interest, with the average rate 17.32 per cent.

Rachel Mason, spokesperson for Fair Investment Company, claimed consumers should not take a card just because it is being offered to you.

She said: "Credit card companies are trying to make money, and using zero per cent deals to lure in customers is one of the ways in which they do so, but following the financial crisis, it seems reckless to be offering customers great introductory deals when they cannot pay back the debt once the deal is over."

Ms Mason advised credit card holders to pay off their debts before the interest free period expires.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers ADNFCR-2776-ID-800036651-ADNFCR

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