The recent increases in the interest rates paid on credit cards should come as "no surprise" to consumers, an expert has claimed.
Following the Office of Fair Trading's ruling that high credit card fees for missed payments were unfair, providers have looked to recoup their lost money elsewhere, asserted Jemma Smith, a spokesperson for Apacs.
However, credit card providers had made it clear that they would do this before the ruling, so consumers were forewarned of the increased rates of interest, remarked Ms Smith.
However, the expert advised that customers who are unhappy with the fees attached to their credit card should shop around for a more suitable product.
"Lenders want customers to know what product they have and is best suited for them and what enables them to be responsible," she said.
Last week, Apacs revealed that Britons are spending less of credit cards, while making the highest level of repayments since 1998 to clear their debt.
"Customers who pay back their bills are not using the cards as a borrowing tool," Ms Smith explained.
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