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Credit Card Rates Could Be Set To Rise Following Record Write-Offs
Credit Card Rates Could Be Set To Rise Following Record Write-Offs
Credit card rates are slated to go up as the banks plan to recover the losses they are making writing off the credit card debts. This will come as a relief for many with huge debts while current card holders will have to bear additional interest rates.
London,
London,
United Kingdom
(pr4links.com)
06/09/2010
"On one hand they are planning to write off the credit card debts and on the other hand increase the interest rates to recover their losses” said financial analyst Charles Baker who has decades of experience in the financial industry. "
FOR IMMEDIATE RELEASE
London, UK, 3rd September, 2010: Credit card rates could be set to rise following the record level of debt that banks have been forced to write off, it has been claimed.
Figures released by The Bank of England show that providers wrote off a total of £3.5 billion worth of debt in the second quarter of 2010.
Around £2.1 billion of this was credit card debt, compared to £1.3 billion in the first three months of 2010.
Lorna Bourke, writing for citywire.co.uk, expressed her belief that banks could put rates up in order to compensate for their lost profits.
She said: "That total [2009 level of write offs] looks likely to be exceeded by a very wide margin this year. The upshot will be even higher interest charges and penalties on credit cards."
Ms Bourke advised consumers to shop around for the best credit card deals to ensure they are paying the lowest interest rate.
“The banks have devised a nice plan to recover their credit cards losses. On one hand they are planning to write off the credit card debts and on the other hand increase the interest rates to recover their losses” said financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI Claim Company.co.uk.
“This is a huge relief for people who are unable to pay back their credit card debts but at the same time hurt the current card holders who might not have themselves been a defaulter. Customers should consult a financial analyst with experience in Financial Service Authority before applying for any fresh credit card.”
PPI Claims Company is one of the premier PPI companies in the world. It has years of experience in this field and can help you with your payment protection claim using their no win, no service fee policy. To know more about credit card claim and MIS sold payment protection log on to http://www.ppiclaimcompany.co.uk/. You can also know about loan payment protection insurance and check out the ppi calculator in the website.
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Belmont Thornton
Suite 2, Unit 25
The Coda Center
Street: Munster Road
City: London
Post Code: SW6 6AW
Country: United Kingdom
Phone: 0207 717 9447
E-mail: ppiclaimcompany.co.uk@gmail.com
Website: http://www.ppiclaimcompany.co.uk
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