LONDON (CU)_In March last year, the Bank of England (BoE) brought its base rate down to a record low of 0.1 per cent, in response to the economic downturn brought about by the pandemic. This led to a housing market boom across the European nation, as lenders began to offer ultra-cheap mortgage deals, with some banks slashing their rates to lowest ever. However, the benefit of the drop in the central bank’s base rate has failed to extend to Britain’s credit cards sector, with continuous increases pushing interest rates to their highest level in two decades.
Recent figures published by the BoE show that the average annual interest rates offered on credit cards in the country has escalated to a whopping…
