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Credit card rates 'reach 12-year high'
Rates available on credit cards in the UK have reached a 12-year high, according to new figures.
Research from Moneyfacts has revealed that while increased competition in the market at the end of 1990s led to a fall in rates, that start of the economic downturn in 2006 has led to steady increase.
Rates now stand at an average of 18.8 per cent, despite the base rate standing at 0.5 per cent.
Michelle Slade, spokesperson for Moneyfacts, said many consumers who would have normally switched to another provider in recent weeks are finding it more difficult to do so due to the rates.
She explained: "Competitive deals for balance transfers and introductory purchases remain on offer, but card providers are being extremely selective over exactly who they accept for these deals."
Recent figures published by Nationwide revealed that the number of people regularly putting money into savings accounts has reached a 16-month high.