UK Consumers Spending £6.5bn a Year on Credit Card Interest

LONDON, March 21, 2012 /PRNewswire/ --

The latest debt figures show that consumers in the UK are paying a total of £6.5 billion on annual credit card interest. With the average interest rate on credit card lending now standing at over 18%, over 17% higher than the current Bank of England Base Rate (0.5%), shoppers should choose their credit card wisely to avoid paying more than necessary.*

One of the best ways to reduce interest payments on credit cards is by switching cards through a price comparison website such as comparethemarket.com. The site, which is one of the UK's leading price comparison websites, gives users a quick and easy way to compare credit cards from across the market, seeing at a glance the latest interest rates available. comparethemarket.com even shows exactly how much an individual can save by switching as part of the comparison table, including the providers fee for switching the balance.

Simon McCulloch, Director of Money at comparethemarket.com said: "The cost of servicing credit card debt can really add up. Credit card debts attract interest due to people not paying off the full total each month. This is why it's worth looking around to find a good deal on interest rates.comparethemarket.com makes it easy to research rates by bringing a range of cards together in one easy-to-read table. It even shows customers the full amount that they can save with each card.By way of an example, Barclaycard currently offer a balance transfer card with 0% interest for 22 months and a fee of 2.9% - based on the average customer using our sliders to personalise the savings, the average customer transferring a balance of £2,000 from their current rate of 17.9% APR would save almost £600 by switching."

Specialising in more than just car insurance, comparethemarket.com provides customers with an easy way to find the right deal on a wide range of insurance and financial products including home insurance, van insurance, bike insurance, life insurance, pet insurance, credit cards and loans.  It also offers comparisons for a range of household utilities including electricity, gas, phone, broadband and digital TV.

*All figures sourced or extrapolated from March 2012 UK Debt Statistics released by Credit Action.

About comparethemarket.com

• comparethemarket.com was launched in 2006 and has grown rapidly over the past six years to become one of the UK's leading price comparison websites.  
• comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as, credit cards and loans.
• comparethemarket.com actively selects its brand partners, working with the best and most trusted organisations to ensure quality service to consumers.

comparethemarket.com is a trading name of BISL Limited.  BISL Limited is authorised and regulated by the Financial Services Authority.

Registered Address: Pegasus House, Bakewell Road, Orton Southgate, Peterborough, PE2 6YS. Registered in England number 3231094.

SOURCE comparethemarket.com

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