Are you watching your credit card interest rate?

As UK credit card interest rates continue to spiral higher and higher it would appear that many people in the UK are totally unaware of the current rate which they are being charged on their debits. Such is the way in which we perceive and use credit cards in the UK that many of us will be unaware of current interest rates and how much interest and how much capital we pay off each month if we only pay back the minimum due.

It is vital that you are aware of your credit card situation because ultimately you could be paying off interest only if you have a large debit and only pay back the minimum amount each month. These are the kind of customers which credit card companies search high and low for because ultimately you will be with them for many years to come unless you increase your payments!

The credit card has now become as commonplace in the UK as the debit or bank card. Such is the power of the credit card industry that, at least prior to the recession, people with a questionable financial background were still receiving credit card offers. However, the tables have now turned and credit card companies are now running for the hills concerned about defaults and the growing number of bad debts.