The great rate rip-off
Thursday, May 7th, 2009Here’s a funny thing. The Bank of England base rate has been falling over the past year or so, but interest rates on credit cards, loans and overdrafts have been rising.
Take loans. In June 2007, the base rate stood at 5.75%. It has since been cut nine times to stand at an historic low of 0.5%. At the same time, the cost of some personal loans has jumped by over 3 percentage points, according to research by Moneyfacts.
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