Nov. 11 (Bloomberg) -- Credit card providers have increased their average rate of borrowing from 17.2 percent to 17.6 percent since May even as the Bank of England has almost halved its base rate, the Independent reported, citing its own research.

Store cards, issued by retailers, now have an average rate of 25 percent, the London-based newspaper said, adding that Britons owe more than 200 billion pounds ($312 billion) in unsecured debt.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.

Last Updated: November 10, 2008 20:41 EST