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Credit card interest rates have climbed to a 12-year high, leaving millions facing crippling repayments on their debts.
Despite historically low Bank of England base rates, the average interest charged on a credit card has soared to 18.8 per cent – the highest level since 1998.
Some consumers now paying more than 40 per cent on the cash they have borrowed.
This means that credit card borrowers with a debt of £5,000 on their card – who make only the minimum repayment each month – will now repay an additional £2,289 over the life of the debt compared with what they would have paid four years ago.
Bob Chapman the Crisis is centered in Europe and America the rest of the world is almost untouched
Mr. Chapman also known as The International Forecaster is a 74 years old. He was born in Boston, MA and attended Northeastern University majoring in business management. He spent three years in the U. S. Army Counterintelligence, mostly in Europe. He speaks German and French and is conversant in Spanish. He lived in Europe for six years, off and on, three years in Africa, a year in Canada and a year in the Bahamas.
Mr. Chapman became a stockbroker in 1960 and retired in 1988. For 18 of those years he owned his own brokerage firm. He was probably the largest gold and silver stockbroker in the world during that period. When he retired he had over 6,000 clients.
Starting in 1967 Mr. Chapman began writing articles on business, finance, economics and politics having been printed and reprinted over the years in over 200 publications. He owned and wrote the Gary Allen Report, which had 30,000 subscribers. He currently is owner and editor of The International Forecaster, a compendium of information on business, finance, economics and social and political issues worldwide, which reaches 10,000 investors and brokers monthly directly, and parts of his publication are picked up by 60 different websites weekly exposing his ideas to over 10 million investors a week.
In June of 1991, at the request of business associates, and due to retirement boredom, he began writing the International Forecaster..
