Credit card rates 'will continue to rise'

Interest rates on credit cards are set to rise during the course of 2008, according to one expert.

Samantha Owens, head of personal finance at Moneyfacts, states that although some providers may produce the odd low deal, "rates are going to continue to creep up".

The head of personal finance states that this trend has been prompted by the recent credit crunch. "Obviously [credit card providers] have to bring the money in another way," she says.

Ms Owens also offered some general advice for consumers with credit cards. She states that people should check their statements regularly, as well as the advice slips credit card providers include with them.

In November of this year, Moneyfacts released research that showed there had been 125 rises in interest rates and fees on credit cards during the preceding two months.