Credit cards interest rates speculation continues
1 December 2009
Talk of interest rates on credit cards continues to dominate after Australian banks and credit cards lenders have raised credit card interest rates by 0.5 per cent.
This mirrors the recent rate rises as reported by the Reserve Bank of Australia with economist now predicting that the central bank will commit to another rise thanks to the improving Australia economy.
To date, the central interest rates have risen to 3.5 per cent, which is 0.5 per cent above the record low of 3.0 per cent which was a 49 year low for Australia.
Credit cards industry experts have stated that they expect credit cards interest rates to match the official rates and even surpass if these trends continue. This would follow the year or so which has seen credit cards interest rates resist the dramatic declines in interest rates and remain steadier than in other areas. This was attributed to the dangers associated default rates.
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