Lamport Bassitt Solicitors - Legal News - Costs for credit card borrowing 'are rising'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Costs for credit card borrowing 'are rising' Credit card borrowing has become more expensive for consumers, it has been claimed. The Money Advice Trust (MAT) noted that despite the low base rate offered by the Bank of England, the cost of accessing such financial services is prohibitively high for many people. Highlighting the financial institutions latest trends report, the organisation pointed out that the average interest rate on a credit card was 12.08 per cent in June 2008, whereas today it is 12.38 per cent. Louisa Parker, head of research and policy at MAT, stated: "The cost of borrowing on a credit card has remained entirely decoupled from the Bank of England base rate, meaning the margins that credit card companies are making have increased significantly." She added that many consumers are seeing minimal benefits to the low base rate currently imposed. Meanwhile, the Office for National Statistics recently revealed that the latest Consumer Price Index showed that inflation stands at 3.1 per cent. Posted by Mark Phillips Related Articles: 8/5/2012 - More companies fail as personal insolvencies fall 23/4/2012 - Landlords and insurers unite behind insolvency law reform 19/4/2012 - Enterprise Act 'does not need radical overhaul' 13/4/2012 - Retail insolvency rate up 15% as rent payments bite 28/3/2012 - Business insolvencies on the rise More Insolvency & Restructuring News