More pain for consumers as credit card interest rates hit 24-year high

UK inflation will peak at more than 10% later this year, the OECD said (Dominic Lipinski/PA)

(Picture: PA Archive)

Hard-pressed consumers already reeling from soaring food and energy prices suffered another blow today as new figures showed credit card interest rates have hit a 24-year high.

Average interest rates on credit cards stood at 21.66% in July, data from comparison site Freedom Finance shows, an increase of 0.23 percentage points since June and the highest since December 1998.