Credit card rates 'to creep up' in 2008

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Credit card rates in the UK are expected to creep up in the new year, according to a leading independent financial advice group.

Moneyfacts' head of personal finance, Samantha Owens, stated that people who are thinking about switching their plastic should be cautious owing to the prospect of increasing rates and ensure they also take balance transfer fees into consideration.

She also advised that credit card users ensure they are fully aware of what their current credit card deals are offering them.

"[Customers should] keep an eye on their credit cards, make sure they check their statements and the little leaflets that are in there, to make sure that the interest rate isn't going up every three months and they could actually switch to a cheaper deal," she explained.

Recent research by the group, which was created to provide advice to consumers on a number of financial issues, claimed that there had been 125 increases in rates and fees on a number of cards throughout September and October last year.

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