As lenders attempt to offset some of the damage caused by the ongoing credit crunch, rates on credit cards are likely to "continue to creep up" in 2008, financial experts have warned.
Just last month the financial advisory service Moneyfacts reported that there had been 125 increases in the rates and fees of various cards available on the market since the end of summer.
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Now Samantha Owens, head of personal finance at the group has explained that such a trend is set to continue into the New Year.
"The credit card market has been offering really good deals and low rates for such a long time, and obviously with the credit crunch coming in, [they have] had to reduce their fees," she explained.
"Obviously they have to bring the money in another way."
She went on to advise borrowers to keep an eye on their credit cards and make sure that they check their statements and the 'little leaflets in there' to keep track of any interest rate increases.
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The comments come as both the Consumer Credit Counselling Service and Credit Action have announced that they are gearing up for their busiest January on record as the credit crunch begins to hit home.
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Date: 9th, January, 2008
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