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    I'm confused (no surprise to some of you) about UK interest rates and maybe someone out there can explain please.

    As I undertand it the Bank of England base rate is currently something like 0.5%?

    Some credit card companies have just put up their rates and one of my card rates is now 26.70%; is that APR? How are they being allowed to get away with such high rates if the base rate is so low? What is their justification? I've heard they are blaming defaulters but, if that is the case, surely raising interest rates will only make more folks default?

    Last night on tv there was an advert for short term cash loans that "attracted" an APR of 2346%!!!!!!!!!!!!!!!!!!!!

    What is going on here?

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