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Consumers urged to consider interest rate of credit cards

An increasing number of people are suffering problems when paying back their credit card bills because many have not considered the interest rate, it has been claimed.James Falla, director of debt counselling service Thomas Charles & Co, has claimed that, in reality, "most people don't actually know what rates they're paying".He explained: "Very few people, in my experience, would consider the actual rate of interest on the card, which obviously is not a very good thing."As people get further into debt, he warned that "panic" can set in and people get new credit cards without thinking about the interest rate of the card at all.According to Credit Action’s latest assessment of personal debt, total UK personal debt at the end of October 2007 reached £1,391 billion. Furthermore, the growth of personal debt reached 9.7 per cent for the previous 12 months.

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