Interest charged on credit cards has hit a 13-year high after a number of lenders increased their rates since the start of the year. Dr Ros Altmann, economist, former government adviser and Director-General of over 50s lifestyle organisation Saga, said:
'We’re astonished to see credit card interest rates being raised to new high levels even though the Bank of England has kept rates stable at record lows for over two years now. It appears that some credit card companies are charging outrageously high rates.
“They are piling on the misery, charging yet higher interest rates and blaming customers for causing the higher rates, as they demand fair treatment. Saga Visa has always had a fair order of repayment - and our rates have remained low at 11.9 per cent over a third less than the average rates which now stand at 19.1 per cent according to Moneyfacts.”
For more information please contact the Saga Press Office on 01303 771529.