Banks are Charging 'Highest Interest Rate on Personal Loans in a Decade'

Banks are turning the screw on customers with the highest interest rate on personal loans for almost a decade, giving them record profit margins.
The rates have soared to an average of 12.4per cent despite the fact the Bank of England base rate remains at a 300 year low of 0.5 per cent.

The last time personal loans cost this much was in 2001 when the base rate was a much higher 6 per cent. The figures, combined with evidence of sky high rates on credit cards, overdrafts and mortgages, suggest the banks are making customers foot the bill for the industry's mistakes.'

Read more...