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A leading finance website has warned the British public to shop around when applying for a credit card, as interest rates can vary so much.
With some credit cards having interest rates of over 60 times the Bank of England base rate, borrowers using credit cards to run up debts can risk falling a long way into debt, and end up having problems obtaining credit and loans in the future.
Justin Modray, a spokesperson for candidmoney.com explained that people who only ever pay the minimum repayment on a credit card will spend years clearing their debt, and will pay many times what they borrowed in the first place.
“It’s all too easy to chase credit without bothering to work out how much it could end up costing you, especially if you only make minimum monthly credit card payments or miss them altogether.”
Mr Modray’s comments came on the same day that Which? lodged a complaint with the Office of Fair Trading over the charges retailers can levy on people choosing to pay with a debit, and more commonly credit card in shops and online.