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Write off up to 75% with help from Government Legislation

Write off up to 75%
with help from
Government Legislation

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Many credit card companies are removing their competitive deals from the market, leaving customers to foot larger bills than usual.

Findings from Moneyfacts suggest 12 cards have increased their rates over the last six months, including the Bank of Scotland, American Express and Capital One Bank.

"With only a handful of cards on the market linked to tracking base rate, very few have seen any benefit from the current all time low base rate," noted Michelle Slade, analyst at Moneyfacts.

Rising unemployment is likely to lead to more people defaulting on their card payments, Ms Slade continued, with unsecured lending "one of first casualties as customers fight to keep hold of their property".

It is predicted that those who make minimum repayments on their credit cards will be the hardest hit by providers as they will be faced with an additional £408 to repay in interest on a balance of £2,000.

The Bank of England opted yesterday (June 4th) to maintain the base rate at 0.5 per cent, keeping it at its lowest rate for centuries.

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