According to the recent research from Moneyfacts, the credit card’s average rates have reached to the 12 year high then ever.  The average credit card rates remains at 18.8% this month, showed by the report. These rates were 17.7% a year ago and 16.8% two years ago. In 1998, the last rise in rates from this point was recorded and at that time the average rates were 21.1%.

The best rates in the year 1998 were 7.25%, as compared to date rates that are 0.5%. This shows that the difference between the base rate and the credit card rates has risen by 4.45% since 1998.

According to a debt expert at Think Money, this situation brought some unwanted changes for credit card holders, such as now they are required to pay more on their credit cards by the credit providers. Overall, this condition made the credit card debt more costly than it has been ever before. We sincerely advise the borrowers to thing wisely and thoroughly before getting loan and they must think all the possible ways about how and when they borrow money.

If the dept is repaid then credit cards are no longer to use anything, but the debt grows very quickly if the interest rates become high.

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