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Wednesday 2nd January 2008
It has been claimed that credit card rates will "continue to creep up" over the course of 2008, as the credit crunch continues to affect credit card providers.
Samantha Owens, head of personal finance at Moneyfacts, explained that lenders will be trying to repair the effects of the global credit crunch on their business and as such will look to move up credit card rates at every opportunity.
Furthermore, she warned anyone considering moving their credit card debt to another provider in the new year will need to be aware that balance transfer rates have risen in recent months.
She explained: "The credit card market has been offering really good deals and low rates for such a long time, and obviously with the credit crunch coming in, [they have] had to reduce their fees. Obviously they have to bring the money in another way."
In November 2007 Moneyfacts revealed that there had been 125 increases in rates and fees on various credit cards in the preceding two months.
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