UK credit card borrowing costs have soared to the highest levels in nearly two decades as falls in personal loan rates have paved the way to fresh options for consumers to tackle debt.
The average annual percentage rate (APR) from the start of March until the start of June rose to 35.7 per cent, the highest on record since at least 2006, according to data provider Moneyfacts UK.
The average interest rate on cash withdrawals from credit cards also hit record levels over the same period, increasing from 29.4 per cent a year ago to 30 per cent today.
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