"UK shoppers are being hit with eye-watering credit card rates as the average APR rockets to 35.8% - the highest in at least 20 years. For many, carrying debt has become a financial nightmare. Experts warn that if you don't pay off your balance fast, interest charges could spiral out of control. Some borrowers may need to shop around or transfer balances to 0% cards to stay afloat."
"The latest statistics from UK Finance reveal around half of credit card holders are now incurring interest charges, and while some might only owe a few hundred pounds, there will be others with significantly more debt that needs to be paid back. Luckily, there are some lengthy interest-free balance transfer cards to choose from, with TSB leading the market with a 38-month term, which charges a transfer fee of 3.49%."
Average credit card APR in the UK has risen to 35.8%, the highest level in at least 20 years. Rising borrowing costs and a tougher financial climate are increasing interest burdens for households already coping with inflation and higher living costs. Around half of credit card holders now incur interest charges, with debts ranging from a few hundred pounds to substantially larger sums. Long interest-free balance transfer offers exist, including a 38-month term from TSB with a 3.49% transfer fee, but transferred debts still require active repayment beyond minimum payments. Consumers are urged to check card statements, cut discretionary spending, and use alerts or calendar reminders to manage transactions.
Read at London Business News | Londonlovesbusiness.com
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