The rising cost of credit card credit

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2005 has been a bad year ( car insurance ) for the credit card companies. Whilst consumer demand has been buoyant with card balances topping £55 billion, theyve been faced with rising costs which have hammered down ( motor insurance ) their profits. (cheap mortgages)

Their two biggest problems have been people switching between credit cards ( cheap loans ) to take advantage of the 0% interest deals which to date have been so common, and rising levels of bad debt.

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The credit card companies have responded in a (insurance ) number of ways. Some have cut the length of their 0% concession period, others have raised interest rates and introduced fees for balance transfers.

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