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Posted by Emily Jones

Holders of credit cards can expect rates to keep increasing sharply, an expert has predicted.

A spokeswoman for Moneyfacts.co.uk said that these rates have been going up over the last two years and are now at a 12-year high.

She added that rates are likely to stay above average as providers try to protect themselves against defaults that become more likely thanks to job losses.

Her view was that any supplier with better deals would probably be a new entrant to the market and that it would not be a common practice.

"I think [high rates are] going to be something that we will continue to see a lot more of," she stated.

The spokesperson added that people who pay off only the minimum each month could find themselves owing hundreds of pounds more in interest.

Last month, Moneysupermarket.com released research which found that nearly five million Britons regularly make day-to-day purchases on their credit cards.

29/06/2010 14:25