29 June 2005
The Bank of England (BoE) has warned that record credit card debit levels are putting the UK economy at risk.
It has been found that some people who are unable to pay back their debts on credit cards with high interest rates are increasingly willing to declare bankruptcy, which would be disastrous for the UK's economy, according to the BoE.
The BoE's Finanacial Stability Report reveals that credit card debts have remained high.
The interest rates on credit card exceed most other types of borrowing, including loans, with the average card charging 11 per cent above the base rate, or 15.75 per cent at current levels.
Some debtbuster loans on the other hand, start from as little as 12.8 per cent APR variable, which makes them a viable alternative to heavy credit card spending.
Compare all UK personal loans at uSwitch.com comparison service and find the one to suit your needs.
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