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UK credit card companies increase costs

As we have covered a number of times on this website it would appear that the credit card industry has escaped relatively unscathed from the criticism being directed towards the UK financial industry as a whole. Despite rumours that the UK government and UK regulators were looking to instigate moves against credit card companies, nothing has been forthcoming and nothing appears on the cards in the short to medium term.

Against this background it has been revealed that a number of credit card companies have been increasing the cost of credit cards to consumers in a number of different ways. Rather surprisingly, we have seen a number of credit card companies increase their headline interest charge rates at a time when UK base rates are at record lows. We have also seen a number of credit card companies reducing the number of days available to repay your balance which increases interest charges for those in debt. There has also been a significant increase in the number of additional charges now being administered to UK customers for a variety of different services.

It has never been more vital than today that you shop around and compare and contrast any credit card arrangements you have with others currently available on the market.

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