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What does 2010 have in store for credit card holders?

While credit cards have been knocked off the financial headlines by the likes of mortgages and the banking industry in general, there is no doubt that credit card debt continues to cripple more and more people in the UK. Despite the fact that UK base rates remain steadfast at 0.5% we have seen credit card interest rates continue to rise with credit card companies complaining about default numbers and the risks they are carrying. However, what does 2010 have in store for UK credit card holders?

It is unlikely that we will see a dramatic decline in credit card interest rates in the short to medium term. Credit card companies continue to create what is becoming a self-fulfilling prophecy by increasing rates to protect their profitability, because of growing default numbers, while at the same time placing more people in danger of default. This is something of a vicious circle which still has some way to go before it can be broken and credit card interest rates begin to fall.

Those looking to manage their credit card debt, assuming they are unable to pay off their full balance at the end of each month, need to consider exchanging high-cost debt for low-cost debt and taking professional financial advice to clarify their options.

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