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Credit Card Blog

A step in the right direction

The government has been putting pressure on credit card companies to come up with a set of rules to ensure that consumers get fair deals from credit cards, and the providers have announced a set a rules which will make it harder for them to raise interest rates, and only two interest rate increases will be allowed per year. This is stop consumers from being hit with sudden credit card interest-rate increases, and high fees.

It’s a step in the right direction, but it doesn’t address the point that the average credit card interest rate has increased to over 17.6%, whilst the Bnak of England base rate ras been reduced by almost 3 percent.

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