Moneynet in The Press
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the winners and losers
Published: 10/02/2010 |
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The Daily Mirror (Main) It has been almost a year since the Bank of England slashed interest rates to a record low of 0.5%. On a £3,000 balance, paying the minimum repayment, that equals £4,573 extra in interest and it will take twice as long to pay the card off – almost 30 years. Andrew Hagger of Moneynet.co.uk says: “You can understand rates being increased for high-risk cases, where payments have been regularly missed. But for those customers making at least the minimum payment and sticking to their agreement, the rate increases are unfair.”
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