Only Finance.com® - Credit cards become more expensive

Loans - Credit cards become more expensive - 21/03/2008

Consumer group Credit Action has commented on the effect the credit crunch is having on the credit card industry.

Chris Tapp, director of Credit Action, stated that credit cards with low interest rates are vanishing in response to the crunch.

The sub-prime mortgage crash wiped out the stored capital of the world’s largest banks causing lines of credit to other banks, and to consumers, to dry up. Some people and institutions have been so hard pressed for credit they can only obtain it through a secured loan.

Credit Action have said it is getting harder and harder for borrowers to obtain a credit cards and when they finally do it comes at a much higher rate than it used to.

“Credit cards are not about to go away,” he said. “They are now a very normalised part of the way that people manage their money and manage their borrowing.”

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPATMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT

MISSING PAYMENTS WILL HAVE SEVERE CONSEQUENCES AND MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.

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