Huge interest rates on cash withdrawals using credit cards are leading to added financial stress for those with debts and loans.
Finance website MoneyExpert.com conducted research which found that the average interest charge for customers using their credit cards to withdraw cash from ATM points is 23.48 per cent, up 2.21 per cent from six months ago.
Figures also show that the most expensive rate of interest for such borrowing can be upto a staggering 46.19 percent. Considering these vast charges, it is surprising that UK residents are continuing to withdraw as much as £750 million per month using credit cards.