Credit cards Updated:
Consumers have urged to be "very sensible" when making payments using credit cards.Following news that Capital One is increasing rates by up to 14 per cent, Credit Action suggested that this is to be expected in today's climate.The charity's Frances Walker explained that such forms of finance are not necessarily linked to the base rate and therefore may not be affected by its reductions.And with interest rates on cards becoming more expensive, she advised borrowers to pay off their balance in full each month."Credit is just becoming more expensive and we have just got to accept that, and consumers have to be sensible about it," said Ms Walker.Those who are hoping to avoid high rates may wish to carry out a credit card comparison to find the best deal.Research by Abbey has revealed that 56 per cent of Britons funded purchases with a credit card over Christmas, with the average amount spent being over £360.
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