credit card purchase outside a 0% introductory offer has reached the highest level yet on a financial information website's records.
Between the start of June and the end of August 2021, the average purchase APR (annual percentage rate), including card fees, stood at 26%, the highest on Moneyfacts' records which started in June 2006.
The selection of lower rate cards has worsened and there have also been some card withdrawals, Moneyfacts said. The findings were released as households face a cost of living crunch, with multiple pressures including surging energy prices and other costs and imminent cuts to Universal Credit.
Read more on dailyrecord.co.uk
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