Against a backdrop of falling Bank of England base rates, the rate of APR on both tenant loans and credit card debt is actually rising. Reports indicate that rejection rates are on the increase. It is estimated that 1.39 million people have had unsecured loan applications rejected since the beginning of the credit crunch.
Sean Gardner, the Chief Executive of MoneyExpert.com stated that "December is normally a time to give, not it seems if you're a loan provider. With unemployment on the up, lenders are increasingly thinking twice before offering money they're much less sure they'll get back. The cost of this risk is being passed on to us all with higher APR's and fewer products available."
Rising APR on Credit Card Debt
It is argued that interest rates need to increase because of the increased probability of default. According to figures from MoneyExpert.com, the average rate of APR on credit card debt is currently 17.59%, compared to 16.8% in November 2007. Conversely, interest rates are also 4.25% lower than they were.
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