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Credit Card Fees On The Rise

Interest Rate Rise

As lenders continue to fight rising bad debts, consumers will eventually carry the cost through a rise in rates and fees. Funding constrictions and the lack of borrowing is also having an impact on lender costs.

The rise in regulations and government scrutiny is shaking up the market to the point were by the current fee-free model on credit cards may be unsustainable.

“Lenders will be unable or unwilling to increase supply sufficiently to match demand. This will leave consumers surprised at both the cost of credit and the difficulty in gaining access to it,” PricewaterhouseCoopers partner Richard Thompson said. (more…)