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Who will lead the UK credit card market to recovery?

As we see signs of improvement in the UK mortgage market, with rates stabilising and liquidity improving, we are yet to see any significant reduction in average credit card interest rates across the UK. Indeed, "under cover of darkness" a number of credit card companies have continued to move their rates higher and introduce additional charges to try and squeeze as much money as possible from the UK consumer.

There have been a number of attempts by the UK government to force credit card companies to become more "user-friendly" in these troubled times but it would appear that many financial institutions are determined to increase profits from their credit card operations to offset increased costs in their traditional banking businesses. A number of government led initiatives, which were seen as protecting and assisting the UK consumer, have the potential to seriously backfire and bring forward the end of "free banking" in the UK.

There will come a point at some stage when one of the major UK credit card companies decide that enough is enough and look to take the market "by the scruff of the neck". Unfortunately for those struggling to finance their outstanding credit card debts, a substantial downward rate movement appears some way off.

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