watching credit grow
As banks tighten their grip on all loans APR’s have been rising to the degree where 39.9% (40%) apr is seen as the norm.
Some credit cards like natwest are offering 13 months interest free . Recently i checked my credit card and worked out an amazing £74 of a £85 minimum was Interest meaning only £11 was going towards my actual loan I worked out it would take 300 months to pay off the loan while the credit card company stood to gain 300 x £74 After finding this out I scanned the market for the cheapest money out there. the 13 months intrest free was the best however they are starting to charge people to transfer balances onto cards 3% usually but this is still significantly cheaper than standard apr rates
Advice look around you can still get cheap money out there. And for people who want to save now is a great time some banks are offering long term saving accounts with a massive 10% per year return