Average rate hits 18.9% as card providers worry consumers are increasingly likelt to default on their debt.
Credit card interest rates have hit a 13-year high as providers worry about consumers defaulting on their debt.
The financial information group said credit card rates had been rising steadily since 2008, as providers priced in the risk that increasing numbers of people were likely to default on their debt in the face of high unemployment.
The increase meant that someone who owed £5,000 on a credit card, and who repaid only the minimum amount each month, would pay an additional £2,360 over the life of their debt, compared with if interest rates had remained at the 14.8% they dropped to in February 2006.
The group added that 18.9% was only the average rate charged to new borrowers, and many existing credit card customers had seen steeper hikes in the interest they had to pay.
Moneyfacts.co.uk said customers who would previously have switched to another provider were finding it more difficult to do so.The rights of consumers borrowing money were strengthened yesterday, as the EU consumer credit directive came into force.
Under the new rules, consumers will have up to 14 days to cancel loan agreements, while they will also be able to make partial early repayments, rather than only being able to clear any outstanding balance in full, as was previously the case.
Lenders will also have to give borrowers standard information before they borrow money, to make it easier for them to shop around, as well as making sure they understand the details of a loan agreement.
Firms will also have to carry out thorough checks on borrowers' creditworthiness before advancing them money.
Consumer minister Ed Davey said: "The implementation of the consumer credit directive will help strengthen a culture of responsible lending.
"With new legal rights for consumers and greater responsibility for lenders, consumers will be better able to take charge of their money."
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