It's the highest APR since its electronic records began back in June 2006.For instance, borrowing £1,000 at the average rate of 35.3% would cost you £1,173.49 in total.
The exact rate you get on a credit card depends on your circumstances though and shopping around can still get you a better deal than the average rates. With a 0% balance transfer you get a new card to pay off debt on old credit and store cards, so you owe it instead, but at 0% interest. "However, the cost to transfer debts has also risen over the past quarter, and consumers looking for a 0% purchase offer will find the availability of products stalled."
Rachel said: "As the number of 0% purchase deals stalled this quarter and the number of 0% balance transfer offers fell, providers may well be cautious surrounding such a rise and conscious of those who remain in persistent debt. If you have a poor credit score, don't bank on being approved for a card or getting the 0% deal you'd hoped for.
While borrowing sounds might sound like a simple way to get out of a tight spot - it's not worth falling into