Brits might spend more money on credit card charges, debt interest and loan repayments over 2012.Andrew Hagger from comparison website Moneynet noted members of the public have to face "ever-increasing borrowing costs".He claimed increased bank charges could be "the final straw" for many people, who are coping with a squeeze on their disposable income and pay freezes.Data from the Bank of England reveal overdrafts currently have an average interest rate of 19.51 per cent - almost 40 times the base rate of 0.5 per cent, which has remained static since March 2009 - with this figure reaching 17.32 per cent for credit cards.Moneysupermarket.com head of banking Kevin Mountford told the Daily Star consumers must research the banks they choose carefully.He pointed out these institutions are also being "squeezed", such as through bad loans, regulation and lending requirements."The banks will argue that these rates are based on bad debt levels, particularly in the current climate," the expert was quoted by the publication as saying.Jennifer Haines Jennifer's speciality knowledge is credit card changes and balance transfers.
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