Credit card firms have been under increasing pressure over recent months to be more fair to consumers with regards to charged and interest rates, particularly given the current financial climate and the fact that the base interest rate in the UK has dropped to its lowest level in the three hundred and fifteen year history of the Bank of England, with the base rate now at just 0.5 percent.
Although the base rate is now at a tenth of the level that it was just eight months ago, it seems that despite government pressure and pressure from various campaign groups many credit card providers are doing little to ensure that they are acting fairly to consumers, and are instead trying to find various ways to try and recoup financial losses from customers through various hikes up fees and charges.
Consumers are urges to be more vigilant with regards to the fees and charges that their credit card providers are applying with many hiking g up interest rates and charges in order to make more money from already cash strapped consumers, and for those that feel that they are being charged over the odds the advice is definitely to compare credit cards and attempt to switch to a more affordable provider, whether it's a simple
low interest rate credit card or to save money by moving to a
0% balance transfer credit card.
One industry official recently stated: ''At a time when we're all feeling the pinch, it''s hugely disappointing that credit card companies are choosing to put the squeeze on borrowers more than ever.''
With finances so tight for many households finding the best credit card deal has become more important than ever, and those that are being charged over the odds need to ensure that they take appropriate action and get a more affordable and suitable credit card deal that will be easier on the pocket.
Although there are many great credit card deals available out there many consumers are failing to switch from their high interest, expensive card deals, and this is costing a lot of money in terms of unnecessary charges and interest fees.
People who feel that they are paying more than they needed to take the time to look at alternative cards in a bid to save money during the current difficult financial climate.
