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Sky-high interest rates and minimum payment cuts could cause credit card debt for decades

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Credit card customers are at risk of being saddled with debt for decades following a double whammy of rate hikes and cuts to minimum repayments. Interest rates on credit cards are at an 18-month high after shooting up to an average 19.1 per cent, according to price comparison website Moneyfacts. Meanwhile, a handful of lenders are cutting minimum monthly payments. Lloyds, RBS and Santander ask customers to pay £5 or 1 per cent of their balance. Previously, minimum repayments were upwards of 2 per cent. New rules introduced in April 2011 mean minimum repayments must also cover interest plus any additional fees.

 

Read more: http://www.dailymail.co.uk/money/cardsloans/article-2236214/Interest-rates-credit-card-debt-decades.html#ixzz2DLpKtc29


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