Connect with us

Hi, what are you looking for?


Millions of Brits in for shock charges as credit card rates hit highest level since 1998

With credit card borrowing growing at its fastest pace since 2005, new analysis shows that last month average rates on credit cards hit their highest level since 1998.

An analysis of the Bank of England’s quoted household interest rate figures uncovered that average credit card rates jumped 0.23 percentage points from June to hit 21.66 per cent in July – the highest average monthly rate since December 1998 (22.19 per cent).

The data, shared by digital lender marketplace  Freedom Finance, further showed that rates for £10k personal loans also rose in July to 4.18 per cent – a six-year high.

Moreover, rates for a £5k personal loan also ticked up by 0.07 percentage points to 8.27 per cent in July, a four year-high.

Meanwhile, overdraft rates stalled in July but are still at all-time highs of 35.28 per cent.

ONS data last week found that 6m people using more credit than usual due to the cost-of-living crisis.

Discussing the findings, David Hendry, Chief Marketing Officer at Freedom Finance, said: “With credit card rates at record highs in this millennium, it is crucial that people take all necessary steps to get the most suitable product for their circumstances.”

“It will be a difficult year ahead for household budgets,” he added.

Read more:
Millions of Brits in for shock charges as credit card rates hit highest level since 1998

You May Also Like


The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector...


After taking a breather in the week before this one, the Indian equity markets resumed their up move. The headline index continued with its...


It was supposed to be a debacle. As the Second World War drew to a close, the nation’s leading economists feared that, once the...


Small businesses are bringing forward their finance applications in order to beat expected further interest rate rises, according to new research. Four-in-ten (44%) SME...

Dislaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023 | All Rights Reserved