Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

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

by August 9, 2022
August 9, 2022
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 shows that last month average rates on credit cards hit their highest level since 1998.

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.

Moreover, rates for a £5k personal loan also ticked up by 0.07 percentage points to 8.27 per cent in July, a four year-high.

Meanwhile, overdraft rates stalled in July but are still at all-time highs of 35.28 per cent.

ONS data last week found that 6m people using more credit than usual due to the cost-of-living crisis.

Discussing the findings, David Hendry, Chief Marketing Officer at Freedom Finance, said: “With credit card rates at record highs in this millennium, it is crucial that people take all necessary steps to get the most suitable product for their circumstances.”

“It will be a difficult year ahead for household budgets,” he added.

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

0
FacebookTwitterGoogle +Pinterest
previous post
DP Trading Room: Gold vs. Gold Miners & Silver
next post
UK braces for even higher bills as Norway threatens electricity export cut

You may also like

New report highlights the importance of recognition in...

July 11, 2024

Getting To Know You: Jordan Fantaay, Founder, Pumpt

August 22, 2023

Addison Lee up for sale as owners explore...

July 3, 2024

How Important Is It To Know How To...

February 10, 2023

American junk food chains “taking over” UK high...

March 10, 2025

Surge in Loan Enquiries for Private School Fees...

June 8, 2024

Jason DeLano Discusses His Role As a Solutions...

November 15, 2022

Money.it and Financial Times: an agreement to enhance...

January 11, 2024

Spending freeze to push major railway projects into...

January 20, 2025

The Co-operative Bank launches £10,000 prize draw for...

April 30, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump wins over lifelong Democrat autoworker with ‘big, beautiful bill’ vehicle loan tax benefit

      June 27, 2025
    • EXCLUSIVE: Trump admin takes action after massive fraud uncovered at agency Dems tried to protect from DOGE

      June 26, 2025
    • FBI investigating Iran strike leaker, Leavitt says: ‘They should be held accountable’

      June 26, 2025
    • SMCI Stock Surges: How to Invest Wisely Now

      June 26, 2025
    • NEW! 5 Significant Additions to Our Professionally-Curated Market Summary Dashboard

      June 26, 2025
    • ‘Presidential incapacity’: Senate Republican seeks paper trail of Biden’s autopen use

      June 26, 2025

    Categories

    • Business (8,316)
    • Investing (2,074)
    • Politics (15,824)
    • Stocks (3,172)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved