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This article is for information only. It does not constitute advice. Chase Saunders Ltd does not provide services for savings, investments, mortgages or insurance. You should seek advice on these areas from a qualified financial advisor.
Credit card rates on the rise
Article Category: Debt Consolidation Help and AdviceCredit card interest rates look set to rise as companies try to recoup profits lost as a result of the credit crunch.
According to financial information organisation, Moneyfacts, there were 125 increases in rates and fees on various credit cards in the two months preceding November 2005.
It also says that ten
credit cards had higher balance transfer fees.
Samantha Owens, head of personal finance at Moneyfacts, said that rates and fees would "probably not" fall in 2008 although there might be "the odd provider who comes out with a good balance transfer deal".
She added: "The
credit card market has been offering really good deals and low rates for such a long time, and obviously with the credit crunch coming in, [they have] had to reduce their fees.
"Obviously they have to bring the money in another way."
She advised anyone looking to transfer existing balances to look at any fees involved and not just the headline interest rate.
There appears to be no end in sight for the current instability gripping the money markets with expert opinion divided on the length and impact it will have on world economies.
For more information about debt consolidation caFor ll our advisors on 08000 122 188 for FREE, no obligation help and advice. Created on 28/12/2007 11:53:28
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