Press Release Summary: As lenders struggle to recoup lost profits, they may start charging more on credit cards.
Press Release Body: London (think insurance) Nov 27 2007: According to a report made public recently, credit card charges may rise as lenders struggle to recoup lost profits. In this connection, it may be mentioned that returns on credit cards have hit their lowest levels in eight years as a result of the highly competitive market, reveals accountants from PricewaterhouseCoopers (PwC).
On the other hand, companies are getting increasingly large bad debt charges as more and more struggling borrowers default on loans. Facts from PwC reveal that these factors had left credit card providers facing \"lost profits\" of about £4billion.
It has been indicated that annual fees may become the norm as providers looked to make up for lost revenue. The group warned that more consumers were likely to use their plastic money to make ends meet as they faced higher mortgage costs.
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