It is thought that credit customers could see their interest rates soar in the light of the Bank of England base rate change
are set to hit 30 per cent after the Bank of England increased the base rate to 2.25 per cent, nearing the highs of payday loans rates.
Consumers have been paying more since earlier this year. The Bank releases average credit card rate data, updated monthly. The latest shows that average rates have increased by around 4 per cent – double the increase we’ve seen in the base rate this year.
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