Highest levels of interest in two decades linked to risk of consumers defaulting on payments
Campaigners are calling for new legal caps on “exorbitant” credit card interest rates, which have hit their highest levels for more than two decades.
Bank of England figures reveal the average annual interest rates offered on credit cards has risen to 21.49%, compared with the base rate of just 0.1%. It is the highest average credit card rate since December 1998.
