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Higher plastic card rates hitting debt laden Brits

04/06/2008

Credit card companies have raised borrowing rates by as much as three per cent since the start of the year, as more and more consumers wrestle with personal debt.

According to a study conducted by Moneyfacts, the rates on 15 credit card products have been upped by companies since the start of the year.

Among the most marked increases was for the rate offered by the Nectar Credit Card, which is up by three per cent from 15.9 per cent to 18.9 per cent.

Meanwhile, the rate offered by the Capital One Bank Platinum MasterCard is up from 9.9 per cent to 12.9 per cent.

The site`s Michelle Slade said the extent of the rises was "quite phenomenal" and warned that the trend will continue to pile pressure on consumers already struggling with credit card debt and the higher cost of day-to-day living.

She added: "With increasing costs on all household bills, many people are relying on their credit card to get by each month."

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