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  • Millions of Brits in for shock charges as credit card rates hit highest level since 1998

Millions of Brits in for shock charges as credit card rates hit highest level since 1998

With credit card borrowing growing at its fastest pace since 2005, new analysis shared with City A.M. this morning shows that last month average rates on credit cards hit their highest level since 1998.

by | 9 Aug, 2022

An analysis of the Bank of England’s quoted household interest rate figures uncovered that average credit card rates jumped 0.23 percentage points from June to hit 21.66 per cent in July – the highest average monthly rate since December 1998 (22.19 per cent).

The data, shared by digital lender marketplace  Freedom Finance, further showed that rates for £10k personal loans also rose in July to 4.18 per cent – a six-year high.

Shared from City A.M.

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