Millions of people are facing big interest rate hikes on their credit cards, it has been reported.
According to Moneyexpert.co.uk, some five million people switched credit card provider between April and November 1997 but now their zero per cent interest deals are coming to an end, reports the Daily Mail.
The website adds that firms are tightening their lending criteria and as such people will find it hard to transfer to another low or no interest deal.
Currently, the average interest rate on credit cards offering balance transfers is 16.49 per cent, notes the news provider.
There are 13 cards on the market offering zero per cent interest, including offerings from Virgin Money and Capital One .
Meanwhile, it was previously reported that students are increasingly using credit cards, with research from Halifax showing that 37 per cent of university attendees own one.
Females have higher balances on their plastic than their male counterparts, according to the bank's study.
News Side
Millions facing credit card interest rate hike, report expert
Thu, 28 Aug 2008
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