The finance guru urged people to be aware of the 'under-the-radar' change
The finance guru has urged people to be aware as the bank is changing how repayments are set for millions of customers. From July 22, the bank is reducing the proportion of debt many of its customers have to repay as the monthly minimum.
READ MORE: DWP propose changes for people on PIP, Universal Credit, legacy benefits or long-term sick "Yet this seemingly technical and bland change is a huge danger signal. I wish I could light up the sky with neon signs shouting that, for those unaware, if paying interest on their credit card debt, it can easily DOUBLE the total cost of debt by the time you clear what you owe, meaning you pay £100s or £1,000s more.
"Barclaycard's reduction, for many, from 3.75% of the balance to 1% of the balance – means while people's repayments will cover their interest, they will clear far less of what they owe, prolonging the debt, keeping people indebted year after year after year, and the interest racking up year after year after year."
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Martin Lewis' Money Saving Expert praises energy fix that saves £135 on capA fixed tariff can make it easier to manage your energy bills
Weiterlesen »
Martin Lewis' tips to reclaim energy bill cash after person gets £1000 backThe savvy customer also had their monthly energy bills halved
Weiterlesen »
DWP update on promise to Martin Lewis that could help millions saveMoney Saving Expert has been told that the launch of a new online tool has been delayed
Weiterlesen »
Martin Lewis fan shares secret code to get money off at major retailersMartin Lewis' fans shared the secret code
Weiterlesen »
Martin Lewis’ MSE issues urgent warning to claim £175 free cash before it disappears in days...Easy Income Boosters MoneyMaking Tips You Need to Know
Weiterlesen »
Martin Lewis' MSE warns drivers to 'check licence now' or risk hefty £1,000 fineMartin Lewis' Money Saving Expert has warned drivers to check three crucial things on their licence.
Weiterlesen »