Lenders hike rates on 21 different credit cards after borrowing soared 40% in 2019

Industry News | 08/01/20

Lenders hiked rates on 21 different credit cards last year.

It comes as Britain’s debt binge deepens — with figures last month showing credit card borrowing had surged by 40 per cent and the average family now owes £12,800 on credit cards, loans and car finance. Credit card firms, including Barclaycard, Virgin Money, Halifax and Lloyds, all increased interest rates on purchases in 2019 — helping to bring the average rate to a record high of 25.1 per cent.

Source: This Is Money