Why are we all still paying 16%+ interest ??

System

This is the answer according to APACS:

Why don’t APRs fall when the Bank of England
base rate is falling sharply?
Although base rates have fallen sharply, because
of the way credit card lending works, the risk of
lending has not fallen and may have actually
increased. A credit card APR is not actually an
interest rate; it represents the total cost of credit
being granted. An APR will include all credit card
fees and charges as well as the costs of operating
an open-ended line of credit along with the costs
of bad debt and fraud. Base rates are only one
factor in the level of an APR.

Regards
UNDERGROUND