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Saga criticises high credit card rates

Mon, 12 Oct 2009

Saga, financial services provider to the over-50s, has lashed out against other companies which have hiked interest rates on credit cards over the past few months.

With an average rate of 18.2 per cent on the products in the UK, the firm believes consumers could benefit from a market-wide reduction in credit card rates, saving them a collective £83 million each month in repayments .

In response to the high rates, the company has reduced the interest on its Saga Platinum Card to 11.9 per cent APR and is allowing customers to pay off the most expensive debt first.

Andrew Goodsell, executive chairman of the Saga Group, said: "For too long many users of credit cards have suffered the double whammy of high interest rates and an unfair order of debt repayment which favours the bankers over their customers."

The Scunthorpe Telegraph recently reported that local MP Elliot Morley has launched a campaign which he hopes will force credit card providers to bring interest on the products down to the same level as the Bank of England base rate .

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