(1888PressRelease)
November 08, 2007 - London (longdogfinance) : The tightening loan conditions in the UK financial market are being passed on to the consumers in the form of higher credit card fees and increased rates on personal loans.
According to personal finance web site Moneyfacts, there have been more than 125 fee and rate increases in the UK’s credit card market in the last two months. The credit squeeze is taking its toll on the financial market and consumers are bearing the impact of the entire situation. Even personal loans have seen a rise of up to 4 per cent in the previous two months.
Many credit card companies have hiked the fees for withdrawing cash, increased the interest rate charged on purchases, raised the foreign usage charges, etc. Some companies have adopted a combination of these rises. Even personal loans have seen a rise of up to 4 per cent in the previous two months.
Esther James, a credit card analyst at Moneyfacts, said: “It seems as if the credit crunch is beginning to cause credit card chaos. With the majority of increases staying away from the headline purchase rates, these fees and rate increases are less in the public view, and often tucked away in lengthy terms and conditions. However, they can still make a substantial increase to the cost of using your card.”
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