The last time the average interest rates were this high – 18.8% – the base rate was 6%. Back then, that meant the average credit card interest rate was three times base rate. Today that gap has rocketed to 37 times.
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Consumer groups call for credit card interest charges to reflect low base rate
Two leading Scottish consumer groups this week called for credit card companies to be reined in after it was revealed that, while base rate is at an all-time low, credit card interest rates are at a 12-year high.
