Credit card borrowers are bailing out bankers

Posted on / Banking & Savings - Credit card rates reach 12-year high.

Interest rates on credit cards have reached their highest levels for 12 years, according to research by Moneyfacts.

The financial data provider said that the average rate has risen to 18.8 per cent, despite the Bank of England base rate remaining at 0.5 per cent.

The political right are obsessing about financial transaction taxes and arguing they want hit biggest - and that they'll hit the best off instead.

In the meantime they ignore the real issue of incidence concerning banks - which is that the cost of rebuilding their balance sheets is falling on these least able to pay.

The time for regulation of interest rates has arrived, and is long overdue.

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