Do You Know The APR On Your Credit Card?
Thursday 5th June 2008
While the vast majority of UK consumers have at least one credit card it seems that a massive 48% of credit card holders have no idea of the APR being charged on their cards. This astounding fact reflects the massive rise in UK debt over the last decade and the blasé attitude which many people in the UK seem to have when it comes to debt issues. When you compare this to the fact that each home owner will probably know the exact rate on their mortgage agreement, why are credit cards treated in this manner?
The truth is that many people see their credit cards as an extension of their bank accounts, often spending money which they have not got and only paying back the minimum payments each month. In a classic situation of ‘head in the sand’ more and more UK credit card holders are not even facing the issues which are before them. Bankruptcies and IVAs are expected to go through the roof over the next couple of years as the UK consumer comes under growing pressure.
Even though the credit card companies have been accused of misleading customers with regards to their APRs and payment terms, the onus is still on the customer to be full aware of their situation and what is expected of them.
Source:http://financialadvice.co.uk/news/2/creditcards/6880/Do-You-Know-The-APR-On-Your-Credit-Card.html
