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UK DEBT ADVISOR BLOG

Why are credit card rates on the rise?

ukdebtadvisor

1/16/2009 6:08:20 PM

More of you have got in touch to say that despite official interest rates coming down, some of your credit card rates are actually going up.

After Robin Ralia complained about his Amex card, we had a flurry of messages from viewers wondering why they have been targeted.

Sue McGie reports that interest on her Sainsbury's Visa card has gone up 5% to 18.95%. And Anthony James has been been hit by a 6.5% hike from HBOS, pushing his rate up to 21%.

What's going on? It's partly that individuals are being picked off by credit card providers. And it's partly that average rates have been on the up as well.

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