High interest on credit cards

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In the unlikely instances where banks do lend money, we’re seeing it sharply curbed, and with a lot higher interest rates.

This will only help in the snowball process of destroying peoples cash flow, as the article suggests a large percentage of people using credit cards this year for Christmas, will still be paying off last years as well.

High interest on credit cards

MoneyExpert.com has found that shoppers may be hit with “massive” rates of interest if they try to withdraw cash on their credit cards this Christmas.

The price comparison site found that the interest rate charged for withdrawing cash is 24.8 per cent on average, making it seven per cent higher than the standard rate of interest for credit card purchases.